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Forbes victory 
leaves Republican 
nomination open 

Tbe surprise Arizona primary victory of millionaire 
publisher Steve Forbes left the campaign for the US 
Republican party's presidential nomination wide 
open again yesterday. The win was a setback for 
Senator Bob Dale even though he wan the less 
important North and South Dakota primaries. In 
Arizona, Mr Forbes polled 33 per cent, Mr Dole took 
30 per cent and conservative commentator Pat 
Buchanan finished third with 27 per cent. Page 12; 
No star is bom. Page 3 

Russian sell-offs on back human 

Privatisation is to be given a lower priority in Rus- 
sia. raising tbe possibility that there may be no 
seD-off programme this year. Page 12 

Princess of Wales agrees to divorce; 



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The Princess of Wales has agreed to tbe divorce 
request of Prince Charles, heir to the British 
throne. A spokeswoman for the princess said she 
would continue to be involved in decisions about 
their two children and would retain her title. Pic- 
tured above a month before their official separation 
in December 1992. the couple have since degener- 
ated into, public feuding. 

ABB in boardroom switch: European 
engineering group ABB is reorganising its board to 
simplify decision-making and strengthen links with 
shareholders; Tbe group raised 1995 net profits by 
73 per cent to $L3l5bn. Page 13 

Ferry accord reached ; Seven north European 
countries agreed an higher ferry safety standards. 
Roll-on roll-off ferries in Baltic and North Seas will 
have to be capable of taking is inches of water on 
their car decks; without overturning. 

Page 3 

Giovanni Agneffi stepped down as chairman of 
Fiat after 30 years, handing over to Cesare Romiti 
until nowthe Italian automotive group's chief exec- 
utive officer. Paolo CaatareHa, fonneriynn cha r ge 
of the cars division, becomes chief executive. A big 
wheel. Page II ' : • 

Blow to Turkish telecoms plans Turkey's 
constitutional court partly annulled a law that 
allowed the government to sail off Turk Telekom, 
~Us big telecoms company. Six international consor- 
tia had already bid to act as consultants to the pri- 
vatisation. Page 2 

Hamas claims responsibility: The Islamic 
militant group Hamas said that Ahmed Abdel Ham- 
ideh, the Arab-American shot dead in Jerusalem 
after he drove into a crowd of Israelis and killed a 
woman, was a member of its military wing. 

Crisis hits EqoJon: Leading Japanese financial 
institution Equion filed for liquidation with debts of 
Y310.6bn (fZJBSbn). Its biggest creditors include 
Hokkaido Ta&ushoku, Dai-Ichi Kangyo and Sumi- 
tomo Trust banks, all laden with bad loans. Page 
13; Japanese bankers urged to quit. Page 12 

Rap for Spanish TV: Spain's electoral board 
banned state tele vis Lon from broadcasting an Inter- 
view with Socialist prime minister Felipe Gonzalez 
tomorrow, the last campaigning day before Sun- 
day’s general election. The board said such a broad- 
cast would breach the principle of neutrality by 
public media. Raves before rebellion, 

Page 3 

tote of Han opts In with euro: The Isle of . 
Mart, part of the UK but with its own government, 
is tbe first European issuer of euro coins. More than 
40,000 are being issued from today - even though 
the UK seems set on opting out of a single Euro- 
pean currency. Page 7 

Lebanon under curfew: The Lebanese army 
ordered an indefinite nationwide curfew from 3am 
today before a strike and demonstrations called by 
labour mikHiw in rWt«n«> of a government ban. 

Millennial choice: Britain named Greenwich, the 
south London district where the world's time zones 
begin, to host a $lbn exhibition, to usher in the next 
millennium, . .. 


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Cable strategy 

Why US West 
changed its tune 


Page 18 



Taking off 

Cutting costs in 
the space race 


F*g*8 



^ Shock reforms 

Poland 
* revived 

Book review. Pago 10 


THURSDAY FEBRUARY 29 1996 


Brussels aims for deeper EU ties 

Planned shake-up would leave largest states with fewer commissioners 


By Emma Tuckar in Brussel* 

The biggest member countries of 
the European Union each face 
losing one at their representa- 
tives at the Commission In Brus- 
sels under proposals put forward 
yesterday by Mr Jacques San ter, 
the Commission president 

Staking out a strongly federal- 
ist position aimed at deepening 
economic and. political ties 
between EU countries while 
allowing entry of up to 12 new 
members, the Commission also 
proposes to end the national veto 
and to strengthen joint foreign 
and security policies. 

The Commission's contribution 


for discussion at next month’s 
intergovernmental conference in 
Turin reflects the sentiment of 
several of the EITs more Integra- 
tlonlst member states, led by Ger- 
many, but will meet stiff resis- 
tance from tbe UK, which is 
determined to maintain the 
national veto. 

Other measures, such as Inclu- 
sion in the Union's founding 
treaty of specific provisions on 
employment, are likely to be pop- 
ular In same quarters but contro- 
versial Mr Santer said the IGC at 


the end of March was the “first of 
the big steps on which tbe future 
shape of Europe depends". 

“It is for this reason that tbe 
IGC must succeed. Success 
m parte reinfmring poli tical union 
and preparing for enlargement,” 
he told the European Parliament 

On foreign policy, tbe Commis- 
sion echoes an idea put forward 
by France and Germany this 
week that a limited n umb er of 
member states be allowed to 
engage in military action. It spec- 
ifies that other member states 


should not oppose tbe action, 
even if they do not participate. 

It proposes establishment of a 
“joint analysis unit” made up of 
experts from member states and 
the Commission to create and co- 
ordinate a firmer basis few the 
EU's ineffective common foreign 
and security policy. 

The paper foresees a higher 
profile for the Commission with 
the suggestion that the president 
play an "important" role in the 
«?>i*> in* of Pflmmioriwi members. 
It proposes reducing the number 


of Commission members to one 
per country to ensure speedy and 
efficient decision-making in a 
Union of up to 27 countries. 

But under pressure from 
smaller countries, including 
Ireland, it shies away from giving 
some countries no representation 
at all. Currently Germany, 
Fiance, Britain. Spain and Italy 
have two commissioners while 
the sm»ner members have just 
one. 

The document also backs an 
end to tbe national veto for fear 


that its use could make some 
decisions impossible. 

It says that in sensitive areas 
such as taxation, where decisions 
are taken by unanimity, a new 
form of “superqnn lifted" majority 
voting could apply, under which 
more than 71 per cent of the 
votes of member states would be 
required tor adoption of a deci- 
sion. 

On employment the document 
says new provisions should be 
written into the treat}' although 
it is vague about their content 


Venture will have sales of $20bn 


BP and Mobil 
link European 
fuels businesses 


By Peggy HolBnger In London 

British Petroleum and Mobil are 
to combine their European fuels 
and lubricants operations to cre- 
ate one of the region’s leading 
refining, service station and 
motor oils businesses with sales 
of more than S20bn a year. 

It is estimated that the two 
companies could share savings of 
up to $500m within five years as 
a result of combining the busi- 
nesses, at a one-off cost of about 
$400m between them. 

Tbe move is expected to put 
pressure on other oil majors to 
sort out their downstream 
operations. The spotlight is 
expected to move to Shell, which 
Is -widely seen to have been slow 
to deal with its refining assets. 

The decision to merge tbe two 
companies’ downstream 
operations in Europe has been 
prompted by the need to. cut 
costs in a market where margins 
are under severe pressure. 

In recent years, oil majors have 
suffered from overcapacity in the 
refining sector and most recently 
the- emergence of a price war cm 
the petrol pump forecourt in the 
UK which threatens to spread to 
the rest of Europe. 

BP recently announced that its 
refining operations had incurred 
a loss in the fourth quarter 
although the overall downstream 
division showed operating profits 
of £406m (5825m) for the year, 
down from . £646m.. Mobil 
improved downstream earnings 
by 18 per cent to $2.1hn. 

The deal has been under dis- 
cussion by Mobil BP,' and their 
respective advisers. J. P. Morgan 


and Goldman Sachs, for several 
months. Neither BP nor Mobil 
would comment cm the plans yes- 
terday, although it is understood 
that they were planning an offi- 
cial announcement today. 

If the deal passes the necessary 
regulatory scrutiny within the 
European Union, the two compa- 
nies plan to combine assets of 
some S5bn. The deal would create 
a venture to rival Europe’s mar- 
ket leader, Shell The new ven- 
ture would claim some 18 per 
cent of the European lubricants 
market and 12 per cent of the 
refining, marketing and distribu- 
tion sector. 

BP is expected to contribute 
some $3.4bn, and Mobil some 
$L6bn in assets. However, the 
control of the venture will be 
divided according to each compa- 
ny's relative strengths. 

BP. which is stronger in refin- 
ing. marketing and distribution, 
will have about 70 per cent and 
complete operational control of 
this part of the joint venture. It 
will comprise some 9,000 petrol 
stations, which will be rebranded 
to carry the BP name. . 

Mobil which is the stronger of 
the two in engine oils, will con- 
trol the combined lubricants 
business, with a 51 per cent 
stake. Automotive oils are expec- 
ted to cany the Mobil brand. 

While some 2,000-3,000 Job 
losses are expected throughout 
Europe as a result of the deal 
few are likely in the petrol sta- 
tion division. 

Editorial Comment, Page 11; 
Lex, Page 12; BP and Mobil aim 
to get in front. Page 13 



Australian prime minister Paul Keating taking a helicopter trip over Elizabeth Chant Falls while campaigning for Saturday's federal election. 
The helicopter’s blades clipped a tree daring an aborted landing but eventually landed safely. Labor hits at election 10016’, Page 5 p taw* ap 

Major sets date for Ulster peace talks 

By Robert Peston, on June 10. However, the Labour The condition for Sinn Fein’s These are the principles laid 

Political Erfltor ODnosItinn. the Liberal Demo- nartirinntirm ie that the TRA down in .Ttmnarv hv ITS Senator 


By Robert Peston, 

Political Editor 

Mr John Major, the UK prime 
minister, yesterday staked the 
survival of his government an a 
plan to renew the impetus of tbe 
Ulster peace process by setting a 
firm date for all-party peace 
talks which could include Sinn 
F6in, the political wing of the 
Irish Republican Army. 

To the fury of unionist sym- 
pathisers among his backbench- 
ers, Mr Major and his Irish coun- 
terpart, Mr John Bruton, ann- 
ounced that all-party negotia- 
tions on a Northern Ireland 
political settlement would begin 


on June 10. However, the Labour 
opposition, the Liberal Demo- 
crats and Northern Ireland’s 
Social Democratic and Labour 
party all praised Mr Major's 
stand. Mr Seamus Mallon, dep- 
uty leader of the moderate 
nationalist SDLP, said it was a 
pleasure to thank Mr Major for 
his “tenacity". 


The condition for Sinn Ftfn’s 
participation is that the IRA 
should renew its ceasefire. How- 
ever, an Anglo-Irish communi- 
que said only after the talks 
have begun would the political 
wing of the IRA be required to 
make a “total and absolute com- 
mitment to the principles of 
democracy and non-violence”. 


These are the principles laid 
down in January by US Senator 
George Mitchell's report into 
how Northern paramilitary 
groups should give up their 
arms. 

In the wake of the IRA's two 

Continued on Page 12 
Editorial comment. Page 11 


US suspends export finance 
to China over nuclear fears 


By Nancy Duime in W ashin gt on 

The Clinton administration has 
suspended consideration of $l0bn 
in export financing applications 
for China while it considers evi- 
dence that Beijing is providing 
nuclear technology to Pakistan. 

The US Export-Import Bank 
said yesterday it had agreed to a 
request from the State Depart- 
ment to delay new commitments 
during March. Among tbe appli- 
cations awaiting approval Is a 
request for financing from Cater- 
pillar for sales to the huge Three 
Gorges Dam project • 

The delay will give China time 
to dispute finding s by the Central 
Intelligence Agency that speci- 
alised ring magnets were sold to 
Pakistan to be used In uranium 
en richme nt plants. These provide 
a vital function in the production 
of nuclear weapons. 

ft will also give the US time to 
reconsider its policy of "commer- 
cial engagement" which was sup- 
posed - but foiled - to improve 
China's human rights practices. 

Instead the relationship has 
worsened, and a confrontation 


over Taiwan has been overshad- 
owing trade initiatives. Taiwan, 
which China regards as a rene- 
gade province, is to conduct its 
first direct elections for president 
on March 23. 

The 30-day suspension of 
export financing, which runs just 
beyond that date, could also be 
seen as an implicit warning to 
Beijing not to step up military 
manoeuvres near the island 

US trade relations with China 
are under pressure on a number 
of fronts. Failure by China to 
comply with the US 1994 Nonpro- 
liferation Act, designed to. deter 
the spread of nuclear weapons, 
could lead to a total suspension 
of trade credits from tbe US 
Export-Import Bank. 

President Bill Clinton could 
waive the suspension because of 
the harm it would do to US com- 
panies. But this would bring him 
under political fire from Republi- 
can presidential hopefuls and the 
Republican-controlled Congress. 

Meanwhile, Eximbank is under 
pressure from environmentalists 
and human rights activists to 
refuse financing for the Three 


Gorges project, which will dis- 
place lm people. 

A decision on funds for the 
dam, first expected at the end of 
December, had been delayed 
until today and will now be put 
off again. 

Mr Bill Lane, a spokesman for 
Caterpillar, which has an esti- 
mated J330m in sales at stake, 
said he was disappointed by the 
delay but hopeful that "after 30 
days policymakers will reexam- 
ine the wisdom of ceding the Chi- 
nese market to our foreign com- 
petitors”. 

Previous Eximbank commit- 
ments will be honoured. About 
$4bn worth of credits are await- 
ing dispersal 

Mr Mickey Kantor, the US 
trade representative, yesterday 
refused to comment on the sus- 
pension. However, he said the US 
"will not tolerate” China's failure 
to honour agreements on intellec- 
tual property rights and market 
access. 

He said the $35bn US trade defi- 
cit with China was directly 
attributable to China's market 
barriers. 


BlCfMlNM. 

mwratknll 

America) New* _ 

Werid Trade Nm». 
UK I 


Ecocoric xdam 8 

WeMha - 1)2 



©THE FINANCIAL TIMES LIMITED 1996 No 32.921 Week No 9 





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fumancial times Thursday February 29 i 996: 


NEWS: EUROPE 


Turkish leaders agree to form coalition 


By John Barham in Ankara 


Turkey’s rival conservative 
leaders yesterday reached 
agreement “in principle" to 
Forming a coalition govern- 
ment, ending a nine-week 
stalemate since the December 
24 general election. 

After talks lasting 
two and a half boors, Mrs 
Tansu Ciller, the caretaker 
prime minister and bead of the 
True Path party, said the 
party leaders had “derided in 
principle to form the coalition. 
We will meet again on 
Friday to discuss [its] struc- 
ture. In principle, we have 


agreed on [a] rotating premier- 
ship." 

Mr Mesut Yilmaz. leader ol 
the opposition conservative 
Motherland party, said: “I 
agree with Mrs Ciller. " Both 
said they would make no fur- 
ther comment until tomorrow’s 
meeting. Meanwhile, four 
senior officials from each party 
will meet to draft watertight 
agreements on policy and on 
the share-out of government 
posts. 

But neither trader indicated 
they had settled two issues 
dividing them. Both insist on 
holding the rotating premier- 
ship first and both insist their 


party control the main eco- 
nomic ministries. 

Previous talks between file 
two have foundered on these 
two questions, but Mr Hasan 
Cemal, an influential colum- 
nist on the pro-Ciller newspa- 
per Sabah, said the leaders had 
“started a serious bargaining 
process now. It may take sev- 
eral days” 

Fruitless coalition talks have 
dragged on since a general 
election in December gave no 
party a clear mandate. 

The media and the powerful 
business community have been 
pressing Mrs piller and Mr Yil- 
maz to bury their personal 


rivalry and form a centre-right 
government 

Mr Cemal said Mrs Ciller had 
agreed to let Mr Yilmaz lead 
the government for a year 
before she takes over for two 
years. 

She would then return power 
to Mr Yilmaz for a year. A neu- 
tral politician would head the 
government for the final year 
before elections. 

Motherland MPs claim they 
have won an undertaking to 
control the main economic 
ministries, but True Path sup- 
porters say Mrs Ciller will fight 
to keep the economic minis- 
tries. 


To ran Turkey's inflation- 
battered economy may seem a 
poisoned chalice hut control 
of economic portfolios 
confers great powers of 
patronage. 

Commentators say Mr Yil- 
maz, whose party has 125 MPs. 
10 fewer than Mrs Ciller, is 
using the threat of reopening 
coalition ta lks with the Islam- 
ist Refeh party to draw Mrs 
Ciller into talks. 

His talks with Refah. the 
largest party in parliament, 
foiled at the weekend, opening 
the way for a True Path- 
Motherland coalition. 

The planned centre-right alli- 


ance looks unstable. The par- 
ties combined are 16 seats 
short of a majority to the 550- 
member parliament To gov- 
ern, the coalition would need 
support from two social demo- 
cratic parties which would, in 
return, seek a softening of the 
conservatives’ free-market poli- 
cies. 

But both conservative lead- 
ers are aware that failure to 
work together to deal with 
Turkey's pressing economic 
and social problems or the 11- 
year Kurdish insurgency in 
the southeast may only 
strengthen Refah’s growing 
appeal 


Court throws sell-off plans into disarray 


By John Barham in Ankara 


The Turkish constitutional 
court threw Turkey’s slow- 
moving privatisation pro- 
gramme into disarray yester- 
day with a ruling that effec- 
tively halts sales of minority 
stakes in the telephone net- 
work. 

Details of the court’s ruling 
were not available, but the 
official Anatolia news agency 
said the court had “cancelled" 
part of a law enabling the gov- 
ernment's Privatisation 
Administration (OIB) to sell 


Dini puts 
imprint 
on new 


party 


By Robert Graham in Rome 


Mr Lamberto Dini, Italy's 
caretaker prime minister, yes- 
terday unveiled his new centre 
party christened Dini Italian 
Renewal 

The former director general 
of the Bank of Italy, who has 
been premier since January 
1994, had been expected to call 
his party Renaissance after his 
native city Florence. But 
instead he chose to combine 
his name with the idea of 
renewing Italy, the first timp a 
politician has put his imprint 
so directly on a party’s name., . 

Mr Dini's entry into politics, 
announced last weekend, has 
added a new element to the 
campaign for general elections 
on April 21. Although he has 
been careful not to say so, 
every other politician sees him 
as a direct challenger to Mr 
Romano Prodi as the prime 
ministerial candidate of the 
centre-left 

It is widely suspected that 
Mr Dini has already made a 
deal with Mr Massimo D’A- 
lema, leader of the Party of the 
Democratic Left (PDS) and the 
dominant figure in the centre- 
left alliance, to push Mr Prodi 
aside. 

Mr Dini himself hag already 
indicated he will link with the 
centre-left to contest those 
parts of the seats (75 per cent) 
governed by the first-past-the- 
post voting system. However, 
his grouping will stand alone 
in the proportional representa- 
tion seats covering 25 per cent 
in the lower and upper houses. 
Current polls give Mr Dini's 
centrist party around 8 per 
cent of the national vote. 

Deals for fighting specific 
seats are still being worked out 
among the parties and do not 
have to be concluded before 
mid-March. But if Mr Dini does 
link with the centre-left, this 
will give the alliance an edge 
over its right wing rival, 
beaded by Mr Silvio Berlus- 
coni, the former prime minis- 
l ter. It would also allow the cen- 
\ tre-left to avoid making a deal 
\ with the populist Northern 
! League of Mr Umberto BossL 
1 Yesterday Mr Dini said it 
was his duty to bring a mod- 
erating influence to politics. 


THE FINANCIAL TIMES 
Published by The Ftoanaal Tuna lEuropci 
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C The Financial Times Landed 1996. 
Editor: Richard Lambert. 

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One Southwark Bridge. London SEI 9H1_ 
R 


up to 49 per cent of Tfirk Tele- 
kom to institutional investors 
and employees. 

The OIB said new legislation 
might be needed to resume the 
sale. 

The court struck down three 
articles in a law parliament 
passed last year granting spe- 
cial power to the OIB, the 
executive privatisation 
agency, and the High Board of 
Privatisation, a ministerial 
supervisory body, to handle 
the sale. 

The government has already 
received final bids from six 


consortia of international 
investment banks to handle 
the Tftrk Telekom sale. It had 
been expected to choose an 
adviser in March. 

Among the 23 investment 
banks bidding for the mandate 
are J P Morgan. Paribas. Gold- 
man and Yamaichi. The 
World Bank is co-ordinating 
the privatisation, planned to 
go ahead this year and raise 
about S3bn. 

Investment bankers 
involved In the operation said 
the court’s judgment could set 
the country’s biggest privati- 


sation badt until the middle of 
1997. 

Parliament, which must 
enact new legislation, has 
barely begun to function 
again, and Turkey's conserva- 
tive parties have only now 
reached agreement on forming 
a coalition government 

The privatisation pro- 
gramme has languished for 
more than 10 years because of 
political interference. Last 
year, the government only 
sold $500m worth of state 
assets, a figure amountmg to 
one-tenth of its original target 


Most of the companies sold 
were small or peripheral busi- 
nesses. 

The sale of the strategic tele- 
coms, power stations, manu- 
facturing companies and 
banks has been blocked by 
appeals to the constitutional 
court by the left-win g Pe ople’s 
Republican party (CHP). the 
outgoing government’s junior 
coalman partner. 

Yesterday's ruling was 
sought by a group of 90 MPs 
led by M r Mu mtaz Soysal, for- 
merly a CHP minister and a 
hardline opponent of privatisa- 


tion. In 1993. Mrs Tansu 
Ciller, the outgoing prime 
minister, attempted to privat- 
ise the company by d ecree but 
was prevented after CHP MPs 
bad instituted an appeal to the 
courts. 

A year later, the courts 
blocked privatisation again 
because it judged legislation 
had given the government 
excessive authority. 

Last May, parliament passed 
a new law authorising the gov- 
ernment to sell up to 49 per 
cent, only to be blocked again 
by yestenlay’s ruling. 



Action 
unlikely 
over EU 


ex-envoy 


By Carofine Southey 
m Brussels 


Railway workers from Nizhniy Novgorod, east of Moscow, picket Moscow’s White House over no pay for five months 


Russia and Britain still far apart over Nato enlargement 


Primakov assures Rifkind over 


‘bullying’ of ex-Soviet states 


By Bruce Clark, 

Diplomatic Correspondent 


Russia has promised Britain 
that any rapprochement 
between itself and the smaller 
former Soviet republics will be 
a voluntary arrangement and 
not the result of Moscow’s bul- 
lying. according to UK offi- 
cials. 

But the two countries 
remain far apart over Nato 
enlargement, which dominated 
a vigorous three-hour discus- 
sion on Tuesday night between 
Mr Yevgeny Primakov, Rus- 
sia’s foreign minister and Mr 
Malcolm Rifkind, his UK coun- 
terpart. 

The meeting took place 
in Strasbourg, where Mr 
Primakov took part yesterday 
in ceremonies marking Rus- 
sia's admission to 


the Council of Europe. 

Mr Primakov’s assurance on 
“bullying” coincided with a 
pledge by President Boris Yelt- 
sin to pursue deeper integra- 
tion and possibly outright uni- 
fication with Belarus, one of 
the most pro-Russian of the 
former Soviet states. 

British officials said they 
welcomed Mr Primakov’s state- 
ment, although one noted that 
“the proof of the pudding" 
would be Russia's future 
behaviour in the Common- 
wealth of independent 
States. 

On Nato, Mr Primakov had 
expressed Russia’s “firm oppo- 
sition" to any ex pansion east- 
wards by the affiance and 
blamed the proposal on a 
“wave of anti-Russian feeling” 
in central Europe. 

His predecessor, Mr Andrei 


Kozyrev, had hinted last year 
that Nato enlargement might 
be acceptable to Moscow under 
certain circumstances - such 
as a pledge not to station for- 
eign troops or nuclear weapons 
on new members' soil. 

But Mr Primakov’s latest 
comments confirmed the 
impression that the Russian 
position over Nato has hard- 
ened over the past six months, 
according to UK officials. 

Mr Rifkind, who has made 
plain his personal commitment 
both to Nato expansion and the 
sovereignty of the former 
Soviet republics, insisted the 
enlargement plan was not 
directed against Moscow and 
did not threaten Russia. 

He reaffirmed Nato’s desire 
for a strategic relationship 
with Russia, and Britain’s 
strong support for the develop- 


ment of Moscow's relations 
with the European Union. 

Western interest in Russia’s 
attitudes towards its neigh- 
bours is rising against a back- 
ground of intensive diplomatic 
activity in Armenia and Azer- 
baijan fumed at resolving the 
status of Nagorno-Karabakh. 

Senior officials from Russia, 
the US and Switzerland - 
which currently holds the rota- 
ting presidency of the Organi- 
sation for Security and 
Cooperation in Europe - have 
visited the region for talks on 
the enclave. 

In their latest comments. 
Russia appears to have edged 
away from its hitherto pro- 
Armenian position, while Azeri 
officials have complained that 
the US is demanding too many 
concessions from their 
side. 


The European Union 
Commission yesterday backed 
away from taking disciplinary 
action against the EXTs former 
ambassador to Moscow for 
allegedly abusing his post to 
further his own business inter- 
ests. although inquiries into 
his activities will continue. 

The Commission dprrimnn fol- 
lows weeks of investigation 
into allegations that Mr Mich- 
ael Emerson, the former EU 
ambassador to Moscow, used 
his_posltioa_to p repare to §eL_. 
up a consultancy with a St 
Petersburg businessmen. Com- 
mission diplomats are barred 
from pursuing outside finan- 
cial interests while working for 
the Brussels executive. Mr 
Emerson has denied any 
wrongdoing. 

While the Commission felt it 
was “wholly regrettable" that 
strict professional ethics were 
not respected, this was “not 
enough reason to start legal 
proceedings", a Commission 
official said. He added that the 
inquiry into Mr Emerson's 
activities would continue and 
warned that the possibility of 
starting disciplinary proceed- 
ings remained a possibility. 

“If any new elements were to 
arise which justified the initia- 
tion of disciplinary procedures 
the Commission will not hesi- 
tate to use them," he said. 

The official said the Commis- 
sion felt that while the con- 
tacts made by Mr Emerson 
“with the view to future activi- 
ties were not in conformity 
with the strict ethics beholding 
to Commission officials", there 
was “no reason to believe that 
any commercial or financial 
transactions have taken place”. 

The Commission also 
approved Mr Emerson's 
request for early retirement 
which he asked for following 
the announcement that the 
Commission was opening an 
inquiry into his activities. He 
would be entitled to a generous 
pension after 23 years’ sendee. 


Revolutionary times for French insurers 


Andrew Jack examines the ‘privatisation of the general agents’ 


I n towns and villages across 
France, “general agents" 
selling the policies of the 
country's largest insurers - 
including Axn, UAP and GAN 
- are an essential part of the 
high street 

The agents are a particularly 
French idea, unknown else- 
where. Established as a liberal 
profession during the last 
century, they are self- 
employed but operate under an 
exclusive contract with a sin- 
gle insurance company in a 
geographical area, selling poli- 
cies in exchange for a commis- 
sion. 

But within the next few 
months, the way in which 
insurance policies are sold is 
likely to be transformed. 

Under the terms of a draft 
new agreement initialled last 
week between Fnsaga, the 
agents' professional body, and 
the FFSA, the insurance com- 
panies' association, their sta- 
tus is set to be completely 


overhauled by this summer. 

For the first time, they will 
be allowed to incorporate, pro- 
tecting their personal assets in 
the event of bankruptcy and 
allowing them to seek outside 
capital for their businesses. 
They will also be required to 
meet new training require- 
ments. 

But more radically, there 
will be much greater flexibility 
for insurers and their agents to 
negotiate contracts. In France, 
where much is dictated by 
rigid laws, this is seen as a 
significant change. 

“This is really a privatisation 
of the general agents,” says Mr 
Denis Kessler, head of the 
FFSA. "We are completely re- 
engineering the pyramid, 
inverting a structure which 
had a forge legalistic base, a 
small number of conventions 
and almost no individual con- 
tracts.” 

In 1994, there were some 
17,440 agents in the country. 


generating annual sales of 
FFrl3.7bn (£1.75bn) They 
account for 42 per cent of the 
sale of non-life policies and 15 
per cent of life policies. 

Yet while the insurance sec- 
tor has undergone widespread 
change in the past few decades, 
contracts regulating relations 
between general agents and 
companies remain determined 
by two laws: one passed in 1949 
dealing with non-life insur- 
ance, and a second a year later 
for life assurance- 

In private, the insurance 
companies have long argued 
that their relations with gen- 
eral agents needed to be 
reformed as market conditions 
have changed, new forms of 
distribution emerged and com- 
petition intensified. But all 
efforts to modify the legislation 
have failed. The most recent 
attempt in 1990 collapsed amid 
acrimony. 

Negotiations resumed last 
year, and appear to have suc- 


ceeded. Details of the new 
terms will be subject to govern- 
ment approval, and votes from 
members of both the insurance 
association and the general 
agents' body in April But the 
signs look promising. 

One reason cited for the 
change in attitude is that 
events are beginning to over- 
take the agents. They face 
growing competition from rival 
sales networks, including 
direct telephone marketing and 
the growth in "bancassurance" 
- banks and other financial 
institutions with large branch 
operations. 

This was reflected in pres- 
sures for change - in spite of 
legal restrictions - from the 
insurance companies, as well 
as concerns from the European 
Commission in Brussels that 
the existing organisation was 
uncompetitive. 

There are also likely to be 
financial incentives. The new 
arrangement would give more 


efficient agents the potential to 
earn higher returns on the pol- 
icies sold. They will also 
receive a modest increase in 
contributions from the insur- 
ance companies to top-lip their 
pension schemes. 


Equally, the insurers cannot 
afford simply to dispense with 
this traditional form of sales 
techniques. Despite their rela- 
tively high cost structure, gen- 
eral agents provide an high 
proportion of policy sales, and 
one which is often very profit- 
able because the agents can act 
effectively to screen risks of 
potential clients. 


"The new accord is a bal- 
anced one to which everyone 
wins and loses equally," says 
Mr Dominique Denis, deputy 
head of Fnsaga. the agents syn- 
dicate. “We are moving from a 
legal environment to one 
defined by the market and 
focused around the needs of 
clients." 


EUROPEAN NEWS DIGEST 


Enel 


over 


^ The P SrSu headed by Mr 

prime minister, said Enel had not respectedxts OT ffi nal.lffi : 
mandate to provide energy supplies at njitonm 
ensure economic growth. Tt could and should have h$p$ ± : :: 
onen ^ way for competition-" ■ 

The commission added that Enel had pursued jH^e^st ■- 
oolides with its key Italian suppliers, which had effectively ■- 

locked out foreign contractor. “The lack of adequate . ^ r 

stimulation- . . has pushed Enel suppliers to behave more Kte . • 
associations rather than competitors,” the commission said, ft . 
added that, between 1991 and 1994, imports of foreign supplies; 

for Enel plants accounted for at most LI permit of the. total 

amount of equipment bought by the group. . : • 

The government had hoped to launch the privatisation of 
Enel to the first half of this year, but analysts W atfjr . 
general election called for April 21 means this timeG&tewiH 
almost certainly be missed. Rader, Borne. 


Prague eases exchange controls 

The Czech National Bank yesterday introduced a more flexible; 
exchang e rate policy in an attempt to stem inflows of _^ 
speculative capital and give it more scope to fight inflation. 

The widened the fluctuation band for the Czech koruna 

from plus /minus 05 per cent to plus/minus 7-5 per md against 
a hard currency basket weighted 65 per cent to the D-Mark 
and 35 per cent to the US dollar. 

The measure, which had been expected, brings a greater 
element of risk to exchange rate movements, which the bank 
hopes will reduce speculative inflows and ease money simply 
growth. 

An estimated $3bn of "hot money” has flowed in since 1993 
to exploit high Czech interest rates, made even more attractive 
by a rigid exchange rate policy which meant that speculators 
faced no risk in taking money out again. The strong inflow 
has kept M2 money supply growth high, undermining the fight J 
to reduce infla tion. M2 grew by about 18 per cent in 1995, while? 
inflation hovered near 9 per cent Analysts said toe slight • 
devaluation of the koruna that followed yesterday's 
announcement would be reversed quickly and a long-term 
devaluation would follow as inflation and interest rate 
differentials were eroded. Vincent Boland, Prague 

Currencies, Page 23 


SAS accuses Paris over fares 


The European Union has asked for a response from the French 
government following charges by SAS, the Scandi n avian 
airline, that Air France was using state aid in a fare war in 
breach of rescue conditions. EU officials said the Commission 
had asked Paris for an explanation, adding that an 
undertaking not to use rescue funds approved in 1994 to 
mount a price war was part of the conditions accepted by the 
French state airline. 

The Boersen newspaper in Copenhagen reported that SAS 
had complaine d to the Commission that Air France had 
slashed prices of fares between France and Scandinavia. SAS 
would try to block payment of a third stage of state aid to Air 
France, the report said. The Commission, in a decision which 
has been strongly contested by some European airlines, has 
approved payment of aid totalling FFrtObn ($4bn) to rescue 
Air France. AFP. Brussels 


French rail losses double 


France’s SNCF national rail system yesterday reported that its 
. overall loss doubled last year to.FFrl6.6bn ($3.3bn), from.. 
FFr&2bn in 1994, on turnover that fell 3-9 per cent to FFr52bn 
and a 20 per cent decline to gross operating margins. 
Passenger revenue fell by 2.7 per cent, as rail travel was first 
discouraged by last summer’s terrorist incidents - including 
an unexploded bomb on a high-speed TGV line - and then 
made impossible by a four-week strike in late November and 
December. Revenue from freight fell 6.1 per cent 

The government still believes SNCFs two key problems are 
poor productivity and the crushing burden of its FFrl75bn 
debt, even though the strike forced it to abandon attempts to 
link the two by proposing productivity increases to match a 
five-year FFrlOObn debt reduction plan. 

Under this plan the government would have taken over 
FFr37bn debt this year and then would have reduced one franc 
of debt for every franc to operating profit that SNCF could 
show. Transport ministers are now suggesting an even bigger 
debt reduction plan, with future TGV lines partly funded by 
private finance. But they are leaving it very much to the new 
SNCF president, Mr Loik Le Floch-Prigent, to come op with 
productivity measures once he has restored relations with the 
unions. David Buchan, Paris 


Approval for Crimea premier 


The Crimean parliament yesterday approved Mr Arkady 
| Denridenko as prime minister of Ukraine’s autonomous 
peninsula. Hand picked by Ukrainian President Leonid 
Kuchma. Mr Demidenko takas over almost a year after Kiev 
sacked Crimea’s separatist president and annulled its 
constitution. He must work with forces in parliament that 
back the peninsula's reunion with Moscow. 

Moscow's government never opposed Kiev’s crackdown in 
Crimea, a vacation haven which was only transferred from 
Russia to Ukraine to 1954. But Russian MPs - including Mr 
Gennady Zyuganov, the leading presidential candidate from 
the Communist party, who visited Kiev this week - have 
stressed that relations between the two neighbours cannot be 
normalised until the Black Sea Fleet is divided and the status 
of its large headquarters to Sevastopol, a Crimean port city, is 
settled. Matthew Kaminski . Kiev 


ECONOMIC WATCH 


Paris confirms slide in GDP 


GOPftnnual 96 change) 


1992 B3 
sow*: ft extsa 


Prance ; The slide in the French 

! economy last autumn was 

GDP (annual 96 phange) confirmed yesterday by Insee, 

5 r j toe national statistics agency, 

i _ - which reported that GDP fell 

4 : — — 0.3 per cent to the final 

. 3 / \ quarter against the previous 

_ i \ . three months, which to turn 

2 -V — / had seen a 0.2 per cent 

\ • / • \ decline. The fourth quarter 

1 \ / \ saw Industrial output falling 

o _ \ / 0-9 per cent but industrial 

\ / investment rising 4 per cent 

-i \ — /— For toe year, the French 

, economy expanded 2.4 per 

1992 93 aa ^ * ** spared with the 23 

wz es 94 . as per cent growth recorded in 

Sokre “ 1994 and once hoped for in 

would have tha effect of 

figure for this year's fest quarter a 

ta 

half of leas 83 enngpace to at least the second 

Association said. DomestirnS?**' ttle German Engineering . ; 
foreign were down 7 per cent dud 

^ch - 14 pee 4 t ml995froma _ ^ 






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I . 


FINANCIAL TIMES THURSDAY FEBRUARY 29 1996 


NEWS: EUROPE 


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Agreement based on compromise proposal made by Denmark after Baltic Sea sinking 

Seven-country accord on ferry safety 




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By Charles Batchelor 
in London 

Seven nortb . European 
countries yesterday reached 
agreement on higher ferry 
safety standards after the 
International Maritime Organ- 
isation. a United Nations 
agency, foiled to agree stricter 
rules last November. 

A regional accord applying 
to roll-on roll-off ferries oper- 
ating in the Baltic and North 
Seas will require ships to tol- 
erate 50cm (38 inches) of water 
on their car decks without 
rolling over. 

The agreement, based on a 
compromise prop os a l by Den- 
mark. came nearly 18 months 
after the sinking of the Estonia 
in the Baltic with the loss of 
900 lives. The loss followed ear- 
lier ferry disasters including 
the sinking of the Herald of 
Free Enterprise off Zeebrugge 
in 1987 with loss of 193 lives. 

The Estonia sank within 
minutes after heavy seas 
ripped off the vessel’s outer 
bow door, allowing water to 
pour on to its open car deck. 
“Roto" ferries, with their large 
open car decks, are vulnerable 
to capsize if water penetrates 
the bow doors. 

The loss of the Estonia 
prompted the international 



Moldova sugar 
sell-off leaves 
a bitter taste 


The si n kin g of the Herald of Free Enterprise in 1987 prompted the UK government lo order additional safety features 


shipping community to tighten 
standards on the ferries but 
opposition from several Medi- 
terranean countries foiled 
attempts to reach an agree- 
ment within IMO. These coun- 
tries argued calmer Mediterra- 
nean conditions did not require 
such stringent safety stan- 
dards. 

Despite the failure of the 
IMO, a UN agency, to reach 


agreement, the regional accord 
represents a significant devel- 
opment because it covers many 
of the main nations using 
“to-to” femes. Hie seven coun- 
tries signed up to the agree- 
ment after a two-day meeting 
in Stockholm are the UK, Den- 
mark, Finland, Germany. 
Ireland. Norway and Sweden. 

A regional accord is regarded 
as less satisfactory than an 


international agreement but it 
is preferable to individual 
countries setting their own 
standards, shipping Industry 
managers said. 

The new standards, which 
will require shipowners to 
install internal bulkheads or 
partitions, or add extra buoy- 
ancy devices, will be applied 
over the next six years but 
must be complete by 2002. 


The agreement will impose 
extra costs on ferry operators 
although they will have sev- 
eral years to modify their ves- 
sels. Up to a quarter of the 40 
UK-owned “ro-ro" ferries 
which serve British ports 
might have to be taken out of 
service because it would be 
uneconomic to modify older 
vessels. 

Several countries, including 


the UK and Sweden, had 
threatened to impose higher 
standards unilaterally if a 
regional or international agree- 
ment was not reached. 

The UK ordered installation 
of indicator lights to show 
ferry doors were closed and 
television systems to monitor 
car decks, following the sink- 
ing of the Herald of Free Enter- 
prise. 


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Young Spaniards put raves before rebellion 


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Felipe Gonz- 
alez was 
talking about 
his past at a 
youth rally in 
Fuenlabrada, a 
large dormi- 
tory town east 
of Madrid that 
barely existed 
in the Z960s 
when Spain’s 
future prime 
ELECTIONS mini gt w joined 
March 3 ; the under- 
ground opposi- 
tion to General Franco’s 
regime. Few among the 3,000 
who had gathered in a sports 
complex were alive in 1974, a 
year before Franco died, when 
Mr Gonzalez became leader of 
the then clandestine Socialist 
party at the age of 32. 


The political priorities which led Gonzalez to resist the 
Franco regime are scarcely relevant today, writes Tom Burns 


SPANISH 


He was telling the young- 
sters bow, since 1982, his gov- 
ernments had brought political 
freedom and tolerance to 
Spain. At their age. he said, he 
used to cross the Pyrenees into 
France on foot avoiding border 
posts because Franco’s police 
had confiscated his passport 

“I used to gulp the air of 
freedom when I got to France 
and felt claustrophobic when I 
returned to Spain,” recalled Mr 
GonzSlez. The audience, 
mostly members of the Social- 
ist party's youth wing, cheered 
the premier, but in a polite 
rather than heartfelt way. 

When he told them he would 


be 54 on Sunday, the day of the 
general election, the young- 
sters looked embarrassed, gig- 
gled and forgot to sing happy 
birthday. The political priori- 
ties that shaped Mr Gonz&ez’s 
youth are scarcely relevant to 
a generation that has ravers in 
place of rebels and follows fads 
instead of causes. 

“To be honest we’re not very 
political,’’ said Mr Pedro Leal, 
a- member of the Young Social- 
ists who studies law in Toledo. 
“I had a job getting people to 
come here to listen to Felipe.” 

If, as expected, Mr Jose 
Maria Aznar’s Popular party 
comes out on top in Sunday's 


poll, it will to a great extent be 
because of Gonzalez’s “chil- 
dren” - the 1880 year olds. 

The biggest electoral swing 
towards the centre-right oppo- 
sition lias taken place among 
the 12m-plus Spaniards - 
nearly 40 per cent of the elec- 
torate - who have only known 
Socialist governments headed 
by Mr GonzAIez since they 
reached voting age. 

“Youth tends to reject the 
status quo and now that means 
Gonzalez," said Mr Emilio 
Lamo de Espinosa, a Madrid 
University sociologist who has 
monitored the voting trends of 
the under30s. “Gonzalez talks 


about democracy as a con- 
quest but youth takes it for 
granted. Aznar represents a 
change and he is the runaway 
favourite among the kids who 
intend to vote.” 

Mr Aznar, 43, says his age 
group is a “democracy genera- 
tion” no longer traumatised by 
the Franco years. 

“My parents like to talk 
about how they went on anti- 
Franco demonstrations when 
they were students. We just 
talk about our exams," said Ms 
Carmen Tena, a business 
administration student in Mad- 
rid. “Just about all my class is 
going to vote for Aznar.” 


“We are all democrats now 
and what we worry about are 
real jobs, not junk jobs, and 
affordable housing. Gonzalez 
has delivered neither.” said Mr 
Alejandro Agag. a member of 
the Popular party's youth 
wing. “And we remain idealis- 
tic; corruption under Gonzfilez 
sickens us.” 

Mr Aznar should, however, 
learn from Mr Gonzalez’s expe- 
rience - that youth is demand- 
ing and its allegiances can be 
mercurial. 

Mr Agag warned that the 
under-30s vote was the one Mr 
Aznar stood to lose first “We 
are his most critical support- 
ers; we want a Popular party 
government to come up with 
solutions fast We are very 
intolerant about that, just as 
we are about sleaze.” 


W hen Cupctai Crystal 
went private two 
yearn ago, Moldova’s 
leading sugar factory thought 
prosperity was just around the 
corner. But its disillusioned 
director claims today that a 
botched privatisation makes 
business impossible because 
politicians have been forced by 
a strong lobby to keep the 
Soviet-era farming monopoly 
in place. 

The predicament in Moldova, 
a Romanian-speaking nation 
situated between Ukraine and 
Romania, illustrates the pit- 
falls of ownership transfer 
even in former Soviet coun- 
tries with reform minded gov- 

ernzncHts. 

Mr Constantin Girlovanu, 
Cupcini’s director, said the 
trouble began in 1993 when 
parliament decided that major- 
ity stakes in about 200 enter- 
prises in the agricultural sec- 
tor would be given free to 
workers and directors of the 
state-owned farms that sup- 
plied them with raw materials. 

Moldova’s nine sugar facto- 
ries were sold this way. At 
Cupdni, the three large sugar 
beet collective farms and 20 
smaller fanners were given an 
automatic 55 per cent stake. 
The company's 900 workers 
took 5.5 per cent and Moldovan 
investment funds, using vouch- 
ers from ordinary citizens, con- 
trol the rest. 

“It was important to find 
common interests between sup- 
pliers and producers, to make 
strong connections,” said Mr 
Ceslav Ciohanu, the privatisa- 
tion minister. “During the 
socialist era, agriculture was 
discriminated against and par- 
liament adopted this law to 
compensate ." 

Three months ago Moldova 
completed its mass privatisa- 
tion effort, putting about 70 per 
cent of state-owned enterprises 
in private hands. 

But the sugar factories are 
crying foul. Output at Cupdni 
fell 43 per cent after privatisa- 
tion and the company gained 
no fresh capital through the 
sale. Trade has to be done by 
barter, as Cupdni lacks liquid- 
ity and cannot afford to pay 


the high interest rates charged 
on bank borrowings. The com- 
pany cannot freely choose its 
suppliers. 

“On paper we have a profit 
and in the bank we have no 
money." said Mr Girlovanu. 
whose northern Moldovan 
plant also makes vodka and 
balsam from sugar beet. 

“Producers and suppliers 
should not be locked together,” 
he added. “It’s impossible to 
work. Now the farm directors 
think they can dictate what 1 
should produce.” 

Other private sector compa- 
nies, faced with intransigent 
shareholders, have tried to buy 
stakes back from them. 

Cupdni would buy its shares 
if it could. But structural 
change in Moldova lags behind 
privatisation and macroeco- 
nomic reform - both hailed by 
the World Bank and Interna- 
tional Monetary Fund as 
among the most progressive in 
the former Soviet Union. 

The farmers who, in theory, 
own the biggest stakes cannot 
claim them until their collec- 
tives are broken up. That pro- 
cess has just started, but a 
western economist fears parlia- 
ment, which has blocked the 
free sale of land until the year 
2001. wants to make leaving 
the collective and claiming a 
land plot more difficult. 

In this they are backed by 
the collective farm bosses, who 
are afraid to see their powers 
diluted. 

The new stock exchange, 
which opened last June, could 
be a good source for capital 
starved enterprises. But even 
after the majority owners even- 
tually claim their shares. Mr 
Victor Chiriac, exchange presi- 
dent, warns that a second flota- 
tion “could not be done 
quickly" by the undeveloped 
financial system. 

The government's vows to 
pass the necessary laws and 
woo investors to smooth the 
post-privatisation process are 
not lost on Mr Girlovanu. But 
he worries that his company 
has already lost a decade in its 
drive to compete. 

Matthew Kaminski 


REPUBLIQUE DE COTE D’IVOIRE 

Union * Discipline - Travail 

MINISTERE DES INFRASTRUCTURES ECONOMIQUES 

Concession agreements for construction and operation of toll bridge across Ebrie Lagoon, Abidjan, Cote d’Ivoire 

Initial contractor shortlisting procedure 
February 1996 

DIRECTION ET CONTROLE DES GRANDS TRAVAUX 


slide in G ° P 
■ 

: 

- "■'"-.'''•v.'C* 11 *** '■ 

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The government of C6te d’Ivoire is 
inviting international bids from 
companies or joint ventures interested 
in being shortlisted for a concession to 
build and operate a toll bridge across 
the Ebrifi Lagoon, between the Cocody 
Riviera district and the Marcory 
district. 

1- Environment and general 

DESCRIPTION OF PROJECT 
Cocody forms an important extension 
to the Abidjan conurbation. The district 
has a high density of residential areas, 
with a population of 130,000. Car 
ownership among this population is 
particularly high. 

The area to the north-east of Cocody 
(at Deux Plateaux, Djibi, Palmeraie, 
etc.) is undergoing rapid development. 
This area includes over 2,000 hectares 
of land available for real estate 
projects, and is eventually expected to 
house a population of 216,000. 

As the area develops, there is a 
pressing need for a new north-south 
link road to provide access to the 
new districts, which are poorly served 
by tiie existing main road network. 
This would avoid the need for traffic 
to transit via the lagoon boulevards 
around the plateau, and over the 
two existing bridges (Pont General 


de Gaulle and Pont Houphouet- 
Bolgny), which are nearing saturation. 
To provide the necessary traffic link, 
the government of Cdte d’Ivoire has 
decided to build a toll bridge across the 
Ebrie Lagoon. It wishes to accomplish 
this project by granting a government 
concession to a private operator. 
Candidates are therefore invited to 
submit applications for shortlisting. 
Shortlisted candidates will receive full 
technical and financial details in the 
form of an official call to tender. Basic 
characteristics of the project are as 
follows: 

• long-term contract (30 years) 

• management and financial 
independence for the concession- 
holder 

• possible state participation in 
investment risks (for example, 
through a mixed-economy concession 
company with majority private 
holding) 

Under the terms of the concession 
contract, the concession-holder will 
receive toll payments directly, and 
assign these fnnds to following uses 
primarily: ■ 

• Tunning costs of toll system 

• repayment of loans contracted to 


build bridge, access roads and rapid 
road link 

• bridge maintenance costs 

• return on investment capital 

• licence payable to Cote d’Ivoire’s 
government for right to operate the 
toll bridge 

• miscellaneous taxes related to toll 
bridge operation 

The concession system will be of the 
BDO type (Build-Own-Operate). The 
C6te d’Ivoire government will not 
participate in funding the investment, 
but might guarantee the following: 

• traffic levels (specifically, a 
contractually binding minimum 
traffic rate) 

• adjustments of toll rates over time 

2. Scope and technical 

DESCRIPTION 

The first project component concerns a 
new Rivieta-Marcory link road, 
connecting the north-eastern and south- 
eastern districts of the Cote d’Ivoire 
capital, separated by a lagoon. The 
second component consists in 
extending the freeway to form a 
fast-flowing bypass round the eastern 
side of Abidjan. The third component 
concerns the Boulevard Mitterand/ 
Boulevard de France Jink, following 


on from the northern motorway/ 
Boulevard Latrille and the Boulevard 
Latrille/ Boulevard Mitterand 
sections. 

It is planned to build a main 
bridge spanning 494 metres, plus a 
secondary bridge spanning 76 metres, 
on the south bank side at Marcory. 
In addition, there will be three 
dikes extending 570 m, 390 m and 
320 m from the north bank at 
Riviera. This is a very basic 
preliminary description; full technical 
details will be included in the tender 
documentation. 

3. Traffic 

In 1988, Cote d’Ivoire’s Major Works 
Department conducted traffic count 
and market research studies to 
draw up departure/destination 
matrices for different journey types 
and vehicles. 

According to these matrices, and 
further traffic count studies in 1996, 
the total daily traffic volume (both 
directions) on the new roadway 
structure is estimated at 17,400 
vehicles (annual average figure, 
expressed in private vehicle units 
(PVUs)). Peak rush-hour traffic in 
the heaviest traffic direction is 
estimated at 900 to 1 £00 PVTJs. 


4. Conditions for applicants 

TO SHORTLISTING PROCEDURE 
Applications for shortlisting procedure 
are invited from all companies or 
joint ventures able to demonstrate 
experience in operating and managing 
toll systems, preferably on roadway 
or motorway infrastructures. 

5. Shortlisting criteria 

Applications must be submitted 
in French. Costs must be quoted in 
CFA francs (tax exclusive;. 
Applications must include the 
' following information: 

• Company profile details: 

• Capital (scored on 10 points) 

• Turnover for last three financial 
years (scored on 15 points) 

• Specific examples and general 
information on experience in 
building and managing toll-operated 
public works structures (scored 
on 40 points) 

• Details on recommended financial 
organisation and distribution 
between equity and loan capital 
(scored on 20 points) 

• Recommended breakdown of capital 
for concession-holder company 
(scored on 36 points). 


6. Deadline FOR RECEPTION OF APPLICATIONS FOR SHORTLISTING PROCEDURE 
Applications for the shortlisting procedure (ten copies under sealed envelope) must be received at the following address by 18:00 GMT on 19 March 1996. 
DIRECTION ET CONTROLE DES GRANDS TRAVAUX, Ancien H6tel les Relais, Boulevard de la Comiche (COCODY), 04 BP 945 ABIDJAN 04. COTE D’IVOIRE 

Tel: (225) 441798, 445877, 446926 Fax: (225) 445666 

7. Notification of results of shortlisting procedure. 

All applications will be examined, and candidates scoring above 50/100 will be admitted to the shortlist. Shortlisted applicants will then be included in the call to tender. 

All candidates will be informed of the results of the shortlisting procedure by 29 March 1996. 




F.NANCIAI-TCVIES THURSDAY FEBRUARY 29 1996 


NEWS: WORLD TRADE 


Four foreign companies set to win contracts 

Vietnam phone deals near 



‘Ws Vietnam on the line’ 


Mobfte units sold (000) 

400 — 


300 — Telephones 


By Jeremy Grant in Hanoi 

Four foreign telecommun- 
ications companies are poised 
to win contracts to install tele- 
phone lines in Hanoi and Ho 
Chi Minh City by the end of 
March, ending months of spec- 
ulation over foreign involve- 
ment in building a big part of 
the country's telecommunica- 
tions infrastructure. 

The four, NTT International 
of Japan, Britain's Cable & 
Wireless, France Telecom and 
Telstra of Australia, signed 
preliminary agreements with 
state-run Vietnam Posts and 
Telecommunications (VNPT) 
for the projects over a year 
ago. They were promised firm 
contracts later when Vietnam- 
ese policy on revenue-sharing 
arrangements could be worked 
out. However all have been 
kept waiting by reshuffles in 


VNPT and the government's 
regulatory body. Industry 
experts say there has also been 
foot-dragging by policy-makers 
unsure how much foreign 
involvement to allow in a sec- 
tor regarded as important to 
national security. 

“We have been informed by 
the Vietnamese that it [the 
award of contracts] could be 
the end of March," said an offi- 
cial at one of the four compa- 
nies. Approval would still be 
needed from the ministry of 
pl annin g and investment 
before the projects could go 
ahead. Experts say this could 
be delayed until after a com- 
munist party congress tenta- 
tively scheduled for June. 

Vietnam is understood to 
have chosen NTT and Cable & 
Wireless to install landlines in 
Hanoi, the capital, while 
France Telecom and Telstra 


will divide up Ho Chi Minh 
City equally between them. 
One Telstra official said the 
company planned to install 
400.000 lines by the year 2000, 
involving an investment of 
$300m. France Telecom is 
expected to make a similar 
investment for the same num- 
ber of lines. In Hanoi. NTT 
p lans to install 250,000 lines in 
the same time, according to Mr 
Suzuo Uchiyama, its chief rep- 
resentative in Vietnam. 

Hanoi does not allow joint 
ventures or build-operate- 
transfer arrangements in the 
operations side of telecommu- 
nications, preferring a looser 
business co-operation contract 
This allows revenue sharing 
but no equity stake by foreign- 
ers. Each of the four foreign 
companies has been negotia- 
ting for a year with the Viet- 
namese authorities on revenue 


sharing arrangements. None 
has revealed what has been 
agreed, but experts say 50-50 
sharing over 15 years Is likely. 

Vietum, which in 1986 had 
only nine international tele- 
phone lines, is keen to expand 
its network as fast as possible 
and aims to increase the num- 
ber of telephones per 100 peo- 
ple to five by 2000, from about 
0.4 currently. 

VNPT maintains a monopoly 
of telecommunications services 
in Vietnam. This is likely soon 
to be broken by a subsidiary of 
the Ministry of Defence, known 
as the Military Electronic Tele- 
comm unications Company 
(METC), which has been 
licensed by VNPT to set up a 
rival network, signalling the 
start of deregulation of the 
country’s telecommunications 
industry. 

US companies USWest, Moto- 


200 



100 * 


1993 94 

Source: Trtestra 


International traffic {minutes, m) 
BOO 


-1 .GOO 


400 


200 


rola. South Western Bell and 
AT&T are among companies 
that have been in talks with 
VNPT for over a year about 
helping the mili tary set up the 
second network. 

Experts say that Thai-based 
telecommunications company 
Jasmine International, 
together with US investment 
h^nir Goldman Sachs, is also 
interested and that METC 
may invite bids for a 
paging and cellular net- 


95 « 


work in the next six months. 

However, the picture has 
been complicated by the emer- 
gence in December of Saigon 
Postel, a unit of the Ministry of 
Defence and the Ho Chi Minh 
City people's committee, which 
also has ambitions to become 
an operator. 

It is understood to have 
attracted interests from some 
of the foreign companies in 
talks with METC impatient 
with slow progress by METC. 


BMW to put $200m 
more into US plant 


By John Griffiths 

BMW, the German carmaker, is to 
invest a further 8200m in tts Spartan- 
burg. South Carolina, car plant - its 
first outside Germany - to expand 
capacity from 75,000 to 100,000 cars a 
year. 

The expansion will create 500 more 
jobs at the plant, the sole source of 
supply for the new Z3 sports car 
which BMW plans to sell around the 
world. It also produces 3-Series 
saloons for the North American mar- 
ket Current employment is L70G. 

It also adds strength to recent BMW 
warnings that it would consider 
increasing output outside Germany to 
compensate for the rise in the D-Mark 
and other high costs of producing in 
Germany. 

The additional capacity on the 1,000- 
acre site will bring BMW's total 
investment in its South. Carolina facil- 
ities to more than 8800m. 

It also indicates that the company is 
becoming more confident about qual- 
ity standards at the plant, in a region 
of the US which has few motor indus- 
try traditions. 

US executives of the company do 
not rule out a further expansion of 
the facilities, to 120,000-130,000 units a 
year, in the longer term. 


Mr Berndt Pischetsrieder, BMW's 
chairman, says the Spartanburg plant 
could he “only the first" of several 
manufacturing sites outside Germany. 
BMW already owns Rover Group of 
the UK. 

BMW, whose success in its chosen 
executive sector market niches is 
strongly dependent on high quality 
standards, has taken a cautious 
approach to building up production 
levels while training its greenfield 
site work force. 

Initial output when the facilities 
first opened 18 months ago was only a 
few dozen cars a week. 

The plant is continuing to increase 
production rates steadily but is not 
expected to reach 200-250 cars a week 
until the end of this year. After the 
expansion the weekly output rate is 
will reach 400. 

The expansion primarily entails 
larger body production and final 
assembly areas. Paint plant capacity 
is already adequate for the higher out- 
put It was described yesterday as “a 
vote of confidence" in the South Caro- 
lina work force. “They have been 
instrumental in delivering world-class 
quality to our customers,” said Mr A1 
Kinser, president of BMW Manufac- 
turing, the US subsidiary. 

No Republican star is born. Page 6 


Indonesia unveils selective 
car market reform package 


By Manuals Saragosa 
in Jakarta 

The Indonesian government 
yesterday unveiled a reform package 
for the country's car market, but the 
deregulation is so selective that the 
immediate beneficiary is President 
Suharto's youngest son. 

Under the “pioneer" scheme, tbe 
government will allow wholly owned 
Indonesian companies to be exempt 
from duties on car components and 
sales tax in the first year of prodno 
tion. Sales taxes on passenger cars 
produced in Indonesia range from 20 
to 35 per emit. 

The only company which qualifies 
for these concessions is Timor Putra 
NasionaJ, a company controlled by 
Mr Hutomo Mandala Putra, the presi- 
dent's youngest son. 

The concessions have been given to 
Mr Hutomo ’s company ostensibly 
because his company will make an 
all-Indonesian car. Earlier this week. 
Mr Hutomo announced that Timor 
Putra Nasional would develop the 
Timor car, a l,500cc sedan, together 
with South Korea’s Kia Motors. 

The vehicle, whose name recalls 
the politically disputed territory of 
East Timor, is similar to Kia’s Sephia 
model but will be sold in Indonesia 


without the Kia logn. Although the 
Timor car is being developed together 
with Kia Motors, the company mak- 
ing the car appears to be wholly 
owned by Mr Hntomo. 

The “pioneer” companies also will 
be required to increase gradually the 
local content in the cars they produce 
- to 20 per cent In the first year, 40 
per cent in the second and 60 per cent 
in the third year, he said. 

The reform, however, may give 
some advantage to another Korean 
car maker. Hyundai last year entered 
a technical assistance agreement to 
assemble cars with Citra Mobil 
Nnsantara, part of the publicly listed 
Bimantara Group controlled by Presi- 
dent Suharto's second son, Mr Bam- 

bang Trihatmodjo. 

These two have not worked out 
their shareholdings yet but if Citra 
Mobil Nnsantara becomes fully Indo- 
nesian-owned the two partners would 
also qualify for the tax and duty 
exemptions. 

Mr Tunky Ariwibowo, the coordin- 
ating minister for trade and industry, 
said the scheme “is intended to bring 
about major structural changes in 
the Indonesian automotive industry 
so that it can develop into a world- 
standard industry". 

However, analysts note that the 


change in effect allows Mr Hutomo to 
undercut all other vehicle makers in 
the Indonesian market, which is dom- 
inated bv Japanese car manufactur- 
ers. Toyota. Mazda. Suzuki, Mitsubi- 
shi, Nissan, Honda and Daihatsu all 
assemble cars in Indonesian primar- 
ily for tbe domestic market 
In addition, the scheme will make 
it difficult for existing Japanese car 
assemblers to enter the saloon car 
market They are subject to a high 
and complicated tariff structure 
which discriminates against passen- 
ger cars in favonr of commercial 
vehicles. Over 370,000 vehicles were 
sold in Indonesia last year, of which 
just under 40,000 were passenger cars 
At least three of these Japanese car 
makers assemble vehicles in a joint- 
venture arrangement with the pub- 
licly listed company Astra Interna- 
tional, which ranks as Indonesia's 
largest car maker. 

Tbe expectation is that Astra Inter- 
national, which manufactures the 
Kijang van in a venture with Japan's 
Toyota for the Indonesian market, 
will be disadvantaged by the reform 
package. Although the Kijang is a 
commercial vehicle, it ranks as one of 
the cheapest, most popular models on 
the market and is widely used as a 
passenger car. 


worl^^radej^ew^digest - 

World trade 
‘can be green’ 

Rules to protect endangered species, the , oz one layered 
environment need not clash with those governing woridfr^ 
the European Commission Mid yesterday. : 

Thk view was contained in a commission paper drafted in 
preparation for the inaugural ministerial session of tfce-W«ja 
Trade Organisation in Singapore this December. The, paper 
said trade encouraged the efficient use of resources and the 
rapid circulation of new technology.. - , : . : 

“An open multilateral trading system makes possible a more 
efficient use of natural resources and contributes to lessening 
demands on the environment. Trade has created a $S0ba 
annual market in green technology, which is growing at S per 
cent a year," an accompanying statement said. . 

Nor do stricter environmental -rulee in industrialised coun- 
tries send companies packing for poorer countries in search of 
less stringent regulations, it said. -• ’> * .... 

“Environmental costs are not a decisive factor fbriak©. 
tries, representing 1 to 2 per cent of overall production costs in 
the EU. There is no persuasive evidence df 'eco-dumgb^ nor 
of any large-scale industrial exodus to ‘pollution bavans^.the. 
statement added. Reuter; Brussels 

Tarmac seeks Dutch work 

Tar-mar one of Britain's biggest construction and bidhftng 
materials groups, is joining forces with four Dutch canfrariors 
to bid for railway projects in the Netherlands. l 

Some £6bn ($9-2bn) is expected to be invested !in-jDutcfc 
railways over the next 10 years according to Aduco Interna- 
tional, representing the consortium of Dutch contractors 
which is forming a joint venture with Tarmac. 

Aduco is already well established in Dutch and Belgian 
markets and also has offices in Africa and Sooth America! 
Member companies are Bruil Bedriven, J.G. Nells. Colas 
Bebeer arid Schagen Zwolle. 

The joint venture with Tarmac is targeting tramway, metro 
and light rail projects, high-speed and other mainline passen- 
ger and freight railways as well as privately owned mineral- 
and industrial lines in the Netherlands. 

As a first step it will be bidding for work on the 160km. 
Betuwe line linking the port of Rotterdam with the national 
German rail network passing through Utrecht. 

The venture will also seek contracts for track work fear tire, 
planned extensions to the Rotterdam and Amsterdam metro 
systems and the proposed expansion of rail links to Schfphol 
airport Tarmac, which has worked with Aduco in Africa, said 
the venture would offer a full package for modern railway 
construction. Andrew Taylor. Construction Correspondent 

Contracts and ventures 

■ Keller Group, international ground engineering specialist, ; 
has won contracts worth DMl&5m ($12.5m) far work on Ger- 
man rail projects. It is building more than 8.000 temporary 
ground anchors for part of the Frankfurt-Cologne high-speed 
rail link, it Is also providing soil improvement services for an 
8km section of the Hamburg-Beriln rail link. Andrew Taylor 

■ Philipp Holzinann of Germany and Balfour Beatty, the 
construction arm of BICC, the UK engineering group, have 
won a DM1 12m joint venture contract to build a headquarters 
for Abu Dhabi National Oil Company in Abu Dhabi. 

The two 20-storey office towers, to be clad in granite, are 
expected to take 21 months to build. Andreui Taylor 

■ Sumitomo Electric Industries will form a joint venture with 
a group of Chinese companies in Tianjin, rthina . to produce 
components for wire harnesses for use in vehicles. The joint 
venture will be capitalised at Y240m ($&2m). Reuter, , Tokyo 


NEWS: INTERNATIONAL 


Israel’s rightwingers discuss a united 



Julian Ozanne on a potential electoral nightmare 
for premier Shimon Peres and the peace process 


S urprise talks were under 
way in Jerusalem yester- 
day by Israel’s three sec- 
ular rightwing political parties 
to form a united front ahead of 
elections due in three months. 

Such a front would pose a 
serious challenge to tbe Israeli 
prime minister, Mr S him on 
Feres, the Arab-Israeli peace 
process and the fragmented 
leftwing parties that form 
Israel's peace camp. 

Officials of the Likud, the 
main rightwing opposition 
party, confirmed yesterday 
that an agreement in principle 
had been reached with Mr 
David Levy, a maverick right- 
wing parliamentarian, to join 
hjs new party in a united right- 
wing front However, details of 
the agreement, being brokered 
by Mr Ariel Sharon, a senior 
Likud leader, have yet to be 
finalised and it could face sig- 
nificant opposition from inside 
the party. 

The agreement follows an 
electoral pact this month 
between the Likud and the 
ultra-nationalist Tsomet party. 

The advantages far the right- 
wing opposition from a united 


front are considerable. It would 
dear the way for the right to 
field Mr Benjamin Netanyahu, 
the Likud leader, as tbe single 
challenger to Mr Shimon Peres 
in Israel’s first direct election 
of the prime minister. Recent 
polls have shown that Mr 
Levy, a Moroccan -bom former 
Likud foreign minister widely 
supported by Israel's disadvan- 
taged oriental Jews, could win 
up to 7 per cent of the vote in a 
three-way race for the premier- 
ship. if he joins the Tsomet- 
Likud ticket and withdraws 
from tbe race in order to back 
Mr Netanyahu, his supporters 
could ensure Mr Netanyahu 
victory over Mr Peres in the 
crucial first round of voting. 

A united front would also 
group Israel's four most 
popular and respected 
rightwing leaders - Mr Netan- 
yahu, Mr Rafael Eitan, Tsomet 
leader, Mr Sharon and Mr Levy 
- in a coalition focused on 
opposing the peace policies of 
Mr Peres' Labour-led coalition 
government. The four- man 
leadership would present them- 
selves as a dream ticket and 


the four key ministers in a 
future government 

The move is a political night- 
mare for Mr Peres, who has 
called early elections on a plat- 
form of making peace with the 
Arabs. His substantial lead in 
the polls over Mr Netanyahu 
was hit severely this week by 
three Palestinian Islamic ter- 
rorist attacks which killed 28 
people. Mr Peres, who has suf- 
fered consistent credibility 
problems among Israelis 
throughout his long political 
career, is beginning to view 
with alarm the fact that his 
electoral chances may be hos- 
tage to the intentions of Pales- 
tinian extremists. 

Furthermore, in the parlia- 
mentary elections, the leftwing 
peace bloc is split among 
Labour, Arab parties, the left- 
wing ultra-secularist Meretz 
party and a breakaway party 
from Labour which opposes 
the government’s peace policy 
with Syria. 

However, sealing a deal 
between Likud-Tsomet and Mr 
Levy will not be easy. Mr Levy 
has demanded a high price. He 
wants the number two slot on 



Israeli opposition leader Benjamin Netanyahu, who could become the only challenger to Shimon 
Peres, addresses the Foreign Press Association in Jerusalem yesterday dm* 


the joint list of parliamentary 
candidates; the same indepen- 
dent status for his party as 
Likud gave to Tsomet; and a 
guarantee that be will be given 
the foreign ministry if the 
opposition wins power. 

He also wants seven places 
reserved for him and his sup- 
porters on the list of tbe top 40 


parliamentary candidates 
which will be presented to vot- 
ers as a joint slate. 

The last demand will be the 
most difficult to meet Likud 
has already surrendered seven 
places in tbe top 40 to Tsomet 
a move widely criticised inside 
the party. Giving Mr Levy 
seven more would reduce 


Likud’s representation on the. 
slate to 26 and force several'' 
members of its current 32 : . 
strong parliamentary party to 
lower slots and likely defeat' 
Another problem is the bitter 
personal animosity between Mr 
Levy and Mr Netanyahu, who 
have not spoken to each pther 
for almost four years. • 




Great Game for many players 

Gillian Tett on the Central Asian tour by Iran's foreign minister 


M r Ali Akbar Velayati 
the Iranian foreign 
minister, a wily 
player in Central Asia's com- 
plex politics, flies to Tajikistan 
this week, raising hopes that 
the Iranians may help break 
the political deadlock that has 
dogged the country of 5m in 
recent months. 

Though the government and 
opposition have been engaged 
in United Nations-sponsored 
peace negotiations after a bit- 
ter civil war in 1992, the talks 
have all but broken down. 

However, the Iranian visit is 
likely to be watched by diplo- 
mats for more than its 
short-term impact on the peace 
process. 

Four years after the Central 
Asian states first gained their 
independence from Moscow, 
Iran's activities across the 
region are still attracting con- 
siderable attention in the west 
Tajikistan and Iran share a 


bond of language - Farsi - and 
a long history of shared ties. 
Tajik television Is increasingly 
showing Iranian films - and its 
intellectuals are vying to cop; 
Iranian phrases. 

Last summer a senior Tajik 
politician expressed a hope 
that one day Tajikistan could 
unite with Iran and northern 
Afghanistan to create the type 
of “greater Iranian'’ state that 
was last seen in the middle 


Apart from this cultural 
bond, Iran also has a strong 
desire to exert its religious and 
economic influence across the 
region. 

Mr Velayati is likely to high- 
light new bonds with all the 
Central Asian states and to 
float a proposal to build a new 
rail link between Iran and 
Turkmenistan. 

When the Soviet Union first 
broke up, initiatives like these 
provoked considerable alarm 


in the west - as well as specu- 
lation that the region was 
dogged by a new “great game”, 
between a fundamentalist Iran 
and secular Turkey, both of 
whom have historical links to 
the area. 

G eopolitics are not how- 
ever a two-player 
match. Instead, they 
are a messy kaleidoscope of 
interests, encompassing India, 
China. Pakistan, Russia and 
the US. 

Iran's own influence has 
been for less significant than 
tbe alarmists originally 
thought 

One reason has been that 
Iran's economic crisis has 
meant it has not been able to 
offer significant economic aid. 
Another is that its foreign pol- 
icy is dogged by spirts between 
radical revolutionaries and 
pragmatic moderates. 

A third, and increasingly 


Important, factor is that Iran is 
wary of needlessly provoking 
Russia. Moscow, as Mr Yev- 
geny Primakov, Russian for- 
eign minister, made clear on a 
recent visit to Tajikistan, still 
regards the area its “strategic 
underbelly”. 

These diverse threads have 
consequently given an ambig- 
uous touch to Iran’s role in 
Tajikistan. During the 1992 
civil war Tehran supported the 
Opposition and has since pro- 
vided help for its followers. 

Mr Akbar Turanjonzod3, 
deputy leader of tbe Islamic 
Renaissance party, the most 
significant figure in the oppo- 
sition. for example, has a base 
in Tehran, and can use the Ira- 
nian government's lavish 
houses for meetings with for- 
eign journalists. 

Iran has also acted as a bro- 
ker for the opposition in some 
peace talks, acting as a coun- 
terpart to Russia, which has 



INTERNATIONAL -NEWS DIGEST 



helped the Tajik government. 

However, in recent months 
the Iranians have stepped up 
their contacts with the Tajik 
government as welL 

This shift means that Mr 
Velayati could theoretically 
help push the peace process 
forward this week, particularly 
if Mr Primakov steps up simi- 
lar pressure on the govern- 
ment at the same time, . 

Some diplomats believe that 
be will propose new talks in 
Tehran, after talks in Turk- 
menistan broke down two 
weeks ago. 

He also seems to have been 
instrumental in an announce- 
ment by the opposition yester- 


day that it would extend a 
ceasefire for three "more 
months. 

But this is unlikely to have 
much practical impact r Fight- 
ing is reported to be continu- 
ing in eastern Tajikistan, since 
the opposition seized a strate- 
gic region last month. 

Furthermore, the opposi- 
tion's representative to the (JN 
mission was kidnapped- this- 
week - apparently by. govern- 
ment forces. 

With episodes like these 
adding to the tension in the 
country, Mr Velayati's diplo- 
matic footwork will need to be 
truly startling if he is to have 
any long-term impact. 


A decatteold bank shares scandal that cost taxpayers $9bn 
came to a close yesterday when -Israel’s Supreme Court 
accepted an appeal by eight former banking executives to 
overturn their ja3 sentences. But the court upheld fines of up 
to $300,000. for some of the former executives found guilty in 
1994 of manipulating the price of bank shares on the Tel Aviv 
Stock Exchange in tlw eariy 198te. .. • * 

The government paid $9bn to buy out the country's four 
main c omm ercial banks in the 1980s after, their inflated share 
prices collapsed in a rush by investors to dump stocks and buy 
US dollars on rumours of devaluation 
A Jerusalem District 1 Court judge shocked the banking 
establishment in l994; wheh she sentenced the former execu- 
tives of Israel's top four Banks to. jail for the fraud scandaL 
Mr Ernst Japhet, who was chairma n of Bank Leumi when it 
was Israel's biggest bank, had- been sentenced to 11 months in 
jail and fined $300,000 by. a Jerusalem coart 
The government is now in the process of privatising the four 
powerful banks: Hapoalim, Leumi, Discount and United 
Mizrahi Bank. Reuter, Tel Aviv 

• An official Syrian newspaper, in, a significant policy shift, 
yesterday condemned Sunday's bomb attacks' in Israel ahead 
of talks with the Jewish state opening in the US yesterday. 

The official daily Syria Times referred to the two suicide 
bombings by Islamic militants, which killed 27 people, as an 
ordeal but said they should serve as a motive to Israeli 
negotiators- to accept Syria’s demands. Reuter, Damascus 

Safer skies in 1995 

Tbe number of passengers killed in aircraft accidents fell 
slightly last year to 1J01, compared with 1,192- in 1994, accord- 
ing to the International Civil Aviation Organisation. 

There w ere 26 scheduled aircraft accidents involving fatali- 
ties last year, compared with 28 the year before. The number 
of passengers killed in scheduled flight- accidents fell from 941 
in 1994 to 710 last year. 

fcao said there were 40 fatal accidents involving nan-sched- 
uled aircraft last year. While this was down from 54 in 1994, 
the number of passengers killed last year rose 1 to 391, com- 
pared with 251 in 1994. There was a sharp drop, however, in 
hijacking and other forms of “unlawful interference" with 
aircraft. Last year, there were 13 such incidents, in which two 
innocent people and one perpetrator were Inured. 

In 1994, there were 37 incidents, in which 31 innocent people 
were killed and 52 injured. Five perpetrators were killed and 
one injured in 3994. Michael SknpmJcer, Condon 

Rwandan held in Nairobi 

^ Rwan( k have worsened 
with the arrest in Nairobi of the head of the Rwandan emhas- 

f lspected of involvement in the attempted 
assassination of a former interior minister. 

The Rwandan embassy’s charge confirmed yesterday that 

*** Fran C° is Mugabo, one of the 
three expatriates working at the embassy, after Mr Seth Sen- 
dashonga, was shot in the arm on Monday. 

TOe charge rejected claims by Mr Sendashowta. a Hutu 

^l yBaT denounce hSn S 

?n 5 T U u tei4ed government, that the authorities 
inRigaU had ordered his assassination. 

betow^NalmW “JS- 10 f arther relationship 

resent 

presence in Kenya of hundreds of former Hutu onlitiriana 
y^officers and local officials who masterminded the 199* 
eenxiaae - Mtchela Wrong. Nairobi 


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NEWS: ASIA-PACIFIC 


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Singapore offers more telecom shares 


By Peter Montag no n , 

Asia Editor 

Singapore yesterday 
announced a farther sale of 
shares In its Singapore 
Telecom utility and tax cuts 
totalling SSl-5bn CSl.OGbn) in a 
budget widely seen as a 
prelude to general elections 
expected within the next few 
months. 

Mr Richard.-/ Hu, finance 
minister, said the Singapore 
Telecom offering would follow 
the pattern established in the 
original offering in 1993 when 
local investors were offered 


shares at a discount with a 
loyalty bonus as well as 
government contributions to 
pension funds to help them 
participate. 

Local investors who bought 
shares at the offer price of 
S$1.9Q and held on to them 
would have more than doubled 
their money at yesterday's 
closing price of S$3.52 after 
factoring in the loyalty bonus, 
he told parliament. Details of 
the issue would be made public 
later in the year. 

The Telecom issue proved 
unpopular with international 
investors who did not receive a 


discount on the shares, but has 
been a winner wi t h the 
Singapore public. No mention 
was made yesterday of a 
further international tranche. 

Brokers said the budget 
announcements would add to 
expectations that the 
government is preparing to 
announce an election soon. 
The government does not have 
to go to the polls for another 
year, but elections are 
normally called early in 
Singapore and the government 
Is buoyed by another year of 
strong growth which reached 
8.9 per cent last year. 


Mr Hu admitted that there 
was no need for tax cuts to 
stimulate the economy, but he 
said they would alleviate 
pressures on some businesses 
caused by rising labour costs 
and the stronger Singapore 
dollar. 

Even after the cuts the 
government will still have a 
surplus amounting S$7.07bn or 
some 5.4 per cent of gross 
domestic product compared 
with SS6-28hn in the current 
year. 

Among the specific measures 
are a 10 per cent tax rebate for 
individuals, and a cut in 


corporate profits tax to 26 per 
cent from 25 per cent. Property 
tax and withholding tax rates 
are also to come down. 

The decision to float more or 
Singapore Telecom comes less 
than a month after Singapore 
deferred a decision to float 
Singapore Power on the 
grounds that it needed time to 
improve its returns. The 
government said yesterday 
that power prices would be 
allowed to increase gradually 
both to achieve this and bring 
Singapore Power prices more 
in line with international 
levels. 


India’s fiscal Service to await introduction of interactive television 

deficit higher HK video on demand delayed 


than target 

By Marie Nfchotaon in New Delhi 

Buoyant Indian tax and excise revenues 
failed to compensate for higher govern- 
ment spending and poor receipts from 
state disinvestment, leaving a fiscal def- 
icit for 199596 of 5.9 per cent of GDP, 
Mr Manmob&n Singh, finance minister , 
said yesterday while presenting an 
interim budget The outturn overshot 
Mr Singh’s target of 55 per cent for the 
fiscal year. 

Given the proximity of elections, 
expected in April, Mr Singh's budget 
contained no tax or policy changes and 
essentially laid out spending needs for 
(only the first four months of the next 
fiscal year. Nevertheless, he said an 
unchanged tax regime and expected 
receipts of Rs50bn ($1.4bn) from public 
asset sales should produce a lower fis- 
cal gap next year of 5 per cent of GDP. 

In the absence of new policy mea- 
sures, Mr Singh gave an iinaghamorfly 
pre-electoral speech, highlighting the 
government's success in raising growth. 
Cutting inflation and Improving India's 
trade position during more than four 
years of economic reform. But he said 
the task of reform was “by no means 
over”, saying India's next government 
would be forced to make farther 
reforms to sustain growth. 

He said spending for 1995-96 was 
Rsl08bn higher, at RslJSObn, than bud- 
geted because of higher state loans and 
additional spending on food and fertil- 
iser subsidies, police, defence and loans 
to public enterprises. Though revenues 
of Rsl,750hn were boosted by Rs67bn 
over expected tax and excise receipts, 
he said the government had earned just 
Rs3.75bn foam public asset sales against 
a targeted Rs70bn, because of depressed 
equity markets. 


By Louise Lucas In Hong Kong 

Hongkong Telecom is to delay its 
trail-blazing video on demand (VOD) 
service by one year, in a move that 
highlights the company’s vulnerability 
- as one that is British-controlled - to 
pending regulation. 

Hongkong Telecom. 58 per cent 
owned by Cable & Wireless of the UK, 
planned to start its VOD service fins 
summer, which would have been a 
world first. But yesterday Mr William 
Lo, managing director of Hongkong 
Telecom IMS. the wholly owned subsid- 
iary handling interactive multimedia 
services, said VOD would be pushed 
back to the middle of 1997 when interac- 
tive television services start, including 
home shopping and hanking it aimed 


to spend HK$10bn ($15bo> on the ser- 
vice over 10 years. 

The Hong Kong government last 
mouth shelved an omnibus broadcast- 
ing bill so it could push through laws 
governing the new technology using 
existing ordinances for television ser- 
vices. Hongkong Telecom's t imin g in 
announcing the delay throws into ques- 
tion last month's policy change os well 
as a judicial review now under way. 

Although Mr Lo said technological 
reasons were behind the delay, be con- 
ceded that competition and regulation 
had played a part 

Meantime, Wharf Cable is challeng- 
ing the government In court over its 
decision to allow Hongkong Telecom to 
proceed with a commercial trial of 
VOD, which it feels breach Its own 


exclusive licence to provide subscriber 
TV. 

The government initially said that, as 
a point to point transmission, VOD 
should be regulated under the telecoms 
ordinance, but Wharf Cable argues that 
as it is offering a broadcasting service it 
should be regulated under the televi- 
sion ordinance. 

This is rejected by Hongkong Tele- 
com. Industry insiders say the televi- 
sion ordinance's clause stipulating for- 
eign ownership does not exceed 49 per 
cent, which can, at the government’s 
discretion, be waived, gives Hongkong 
Telecoms cause for alarm. The issue is 
sensitive now, as all licences straddling 
the handover of sovereignty must be 
forwarded to Beijing for appro vaL 
Editorial comment Page 11 


Bangkok talks seek test ban pact 


By Ted Bardacfce and Peter Montagnon 
in Bangkok 

Leaders of European and Asian nations 
meeting in Bangkok this Friday will 
agree to push for early conclusion of a 
nuclear test ban treaty, and cooperate 
on strengthening the World Trade 
Organisation, a draft statement to be 
issued at the mid of the meeting says. 

The leaders will agree to cooperate 
on “the effective reform and democrati- 
sation" of the UN system. The draft 
directs officials to begin informal dis- 
cussions on liberalising trade and 
investment It calls for a further sum- 
mit meeting In the UK in 1998, but 
leaves several issues open. 

It makes no specific mention of sev- 
eral issues Europe had deemed impor- 
tant, including human rights and 


labour rights and their link to world 
trade. No commitment is made from 
either side on pushing forward with 
telecom and maritime liberalisation, 
which the European Commission bad 
said was a priority. 

. These and other delicate issues are 
expected to be broached at an informal 
dinner Thai prime minister Banharn 
Silpa-archa is to host this evening, 
where he will try to gauge what issues 
should be included in the twotiay agen- 
daless s ummi t 

A new set of disagreements are loom- 
ing. Thailand is lobbying bard to get 
the three nuclear powers attending the 
summit (China. France and the UK) to 
shelve their technical objections and 
co mmi t themselves to the Southeast 
Asia Nuclear Weapons Free Zone 
agreed last December. 


Some European nations are likely to 
object to n request by Asia to help 
develop the Mekong River region 
because it would mean official assis- 
tance to the military dictatorship in 
Burma. The EU is keen to have India, 
Australia and New Zealand take part in 
the next Asia-Europe summit, but sev- 
eral countries, mainly Malaysia, object 
to further enlargement. 

The main focus will.be on economic 
cooperation. The meeting is to commit 
itself to Chinese membership of the 
WTO, saying; "Full participation in the 
WTO by the Asia-Europe meeting coun- 
tries will strengthen the organisation.” 
It will endorse open regionalism on 
trade issues; countries will commit 
themselves to bringing new issues 
before the WTO, including a worldwide 
code to speed foreign direct investment. 


Labor hits 
at A$4bn 
election 
‘hole’ 

By Nikki Tait in Sydney 

Australia's Labor government 
yesterday hit oat at opposition 
plans to fund more than A$6bn 
($4.5bn) worth of election 
promises over the next three 
years, claiming a A$4bn 
"bole" existed in the revenue 
and cost-saving measures 
designed to pay for these. 

But toe impact of Its criti- 
cisms, made just three days 
before the March 2 poll, was 
undermined when Mr Ralph 
Willis, federal treasurer, 
alleged the Liberal-National 
coalition had a secret plan to 
cut by ASl5bu federal govern- 
ment funds for the state gov- 
ernments. State governments 
have few revenue-raising pow- 
ers. and depend heavily on 
grants from Canberra. 

Mr Willis based his allega- 
tions on copies of two letters, 
said to have been sent from 
the Victorian state premier 
and an adviser to Sir Peter 
CosteBo, shadow treasurer. 

However, the coalition 
immediately declared them 
forgeries, demanded they be 
passed to the federal police, 
and called for the treasurer's 
resignation. Mr Willis said 
later he had passed on the 
letters to the authorities. 

To compound the govern- 
ment's embarrassment, copies 
of the letters were sent to the 
offices of one of the minor par- 
ties, who decided they were 
unlikely to be authentic, and 
did not raise them. 

Apart from diverting atten- 
tion from the original costing 
analysis, the incident is likely 
to reinforce the impression 
that Labor is behind in the 
polls and desperate to use any 
tactic to gain an edge. 

Mr Willis based his original 
criticism of the coalition’s 
costings on a ASl-24bn "base 
shortfall" which he said had 
been identified by finance and 
treasury department officials. 

To this was added a further 
AS1.44bn from proposals “too 
vague for finance/ treasury to 
cost"; A£400m of cute which 
Labor claims will not be pur- 
sued; and extra offsetting 
costs arising from the coali- 
tion's package of AS900m. 


ASIA-PACIFIC NEWS DIGEST 

Car sales hurt 
Japanese output 

Disappointing new-year sales by the Japanese car industry 
contributed to an unexpected slowdown in the pace of 
industrial output last month, the Minis try of International 
-Trade and Industry' said yesterday. Overall production growth 
slowed slightly to 0-5 per cent between December and January’, 
from 0.8 per cent the month before, causing Miti to downgrade 
its output forecast for the three months to the end of March. 

The January increase was for below the 1.1 per cent 
companies told Miti to expect in the monthly output survey in 
December. Miti now thinks production will rise by 0.5 per cent 
from the fourth quarter of last calendar year to tbe first 
quarter of 1996. Year on year, the first quarter increase in 
output would be 0.4 per cent. Companies told Miti they expect 
output to rise by 1.5 per cent in the current month, but fall off 
sharply, by 5.3 per cent in March. William Dawkins, Tokyo 

New Zealand coalition in place 

New Zealand’s National government yesterday formed a 
coalition with the United party, giving the country its first 
formal coalition administration since the early 1930s. The 
United party has supported the government in parliament on 
all main issues since it was formed by a group of seven 
breakaway National and Labour MPs last year. Under the 
agreement a United MP. Mr Peter Dunne, will join the cabinet. 

The coalition decision will ensure the government, which is 
in a minority, will be able to pass contentious legislation 
including tax cuts until the November election. The United 
partj' is seen as tbe best hope as a permanent coalition partner 
for the National party after the election. National remains the 
most popular party in opinion polls with around 44 per cent 
support. Terry Hall, Wellington 

Belgium grants Vietnam aid 

Belgium will grant Vietnam BFr450m (S15m) in aid up to tbe 
end of 1998 as part of a new co-operation agreement to be 
signed later this year. Mr Jean Luc Dehaene. the Belgian 
prime minister, said yesterday during an official visit to 
Viet nam The two countries also agreed on tbe avoidance of 
double taxation. Belgium agricultural group Isocab had signed 
BFrl.3bn contract to invest in a fisheries project with a 
Vietnamese partner in Minh Hai province. Mr Dehaene said. 
Belgian engineering consortium IPEM, US insurance company 
American International Group, and Thai property developer 
Sri U Thong were to sign a framework agreement with 
authorities in the port city of Haiphong for construction of a 
$S60m port and industrial zone. Both projects will boost 
Belgian investment in Vietnam, where the country is the 33rd 
largest investor with S15 ul Jeremy Grant. Hanoi 

Taiwan names China ‘minister’ 

Mr Chang King-yuh, a China-bom academic, yesterday took 
over the helm of Taiwan's cabinet-level Mainland Affairs 
Council, the ministry responsible for shaping the country’s 
policy on ties with China. The seat has been vacant since last 
autumn when Mr Vincent Siew resigned to run for a 
parliamentary seat in December's legislative elections. 

The appointment of Mr Chang, a minis ter without portfolio 
since 1994, comes at a critical juncture. China, which regards 
Taiwan as a wayward Chinese province eventually to be 
recovered by force if necessary, has stepped up hostilities 
ahead of Taiwan's first direct presidential elections on March 
23. Laura Tyson, Taipei 



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6 


FINANCIAL TIMES THURSDAY FEBRUARY 29 1996 


n 


NEWS; THE AMERICAS — — — 

The Republican party has not come any closer to finding a presidential ca ndidate to beat Bii^Clintoa 

No star is born as US voters mix their message 


By Jurefc Martin in Greemrifle, 
South Carolina 


T here are no safe conclu- 
sions after the Republi- 
can primaries in Ari- 
zona and the Dakotas beyond 
the obvious: that each state 
and cluster of states - with 22 
voting between Saturday and 
March 26 - are capable of send- 
ing out entirely different mes- 
sages as to which of three, pos- 
sibly four, candidates are up or 
down the morning after. 

Yesterday's dawn brought 
smiles to Mr Steve Forbes, first 
in Arizona and with all its 39 
delegates in the bag. However, 
the millionaire publisher, a 
poor fourth in Iowa and New 
Hampshire, has scored wins in 
Arizona and Delaware, neither 
of them key states in the race, 
only when he has outspent his 
opponents by extraordinary 

marg ins. 

The day looked a little 
brighter to Senator Bob Dole, 
because the majority leader 
won North and South Dakota, 
which he virtually had to. and 
finished a tolerably close sec- 
ond in Arizona after exit polls 
had projected a bad third. But 
he remains an unconvincing 
candidate, struggling to get 
any kind of persuasive mes- 
sage across. 

Mr Pat Buchanan, the con- 
servative commentator, was 
uncharacteristically pensive on 
the breakfast shows, unable to 
disguise his disappointment 


that third in Arizona was a far 
cry from an expected victory 
and finding obscure consola- 
tion that he bad taken a few 
delegates away from Mr Dole 
in South Dakota. 

Dawn also brought a flood of 
commercials for Mr Lamar 
Alexander on South Carolina 
television. The former gover- 
nor of Tennessee had better 
hope they work here in his 
native south after three single 
digit finishes on Tuesday, hi 
North Dakota, which allowed 
mafl-in ballots, he even ended 
up behind Senator Phil Gramm 
of TOxas, who withdrew after 
the Iowa caucuses on February 
12. Anything less than a solid 
second in sooth Carolina could 
mean the end of his money and 
of the road. 

The state’s primary on Satur- 
day looks big for all but Mr 
Forbes. He can always excuse a 
poor result on the grounds that 
pure-bred Yankees like himself 
are not exactly popular in the 
old Confederacy. Five New 
En gland p rimaries ne*t Tues- 
day appear more friendly terri- 
tory. especially if Senator Dick 
Lugar of Indiana stays in the 
race and continues to draw an 
important, if small, percentage 
of the vote away from Mr Dole. 

But Mr Dole and bis South 
Carolina campaign manager, 
former Republican Governor 
Carroll Campbell, have already 
raised the stakes high for Sat- 
urday by flatly declaring a vic- 
tory to be nothing less than 






1 

! lift® i 



SWEET SUCCESS: Forbes and his two daughters after his Arizona victory 


essential. The state party hier- 
archy, including, if reluctantly, 
Mr David Beasley, the current 
governor with close ties to the 
religious right, are all lined up 
in rows behind the majority 
leader. 

Mr Bu chanan may have even 


more on the line because his 
twin pitches of moral absolut- 
ism and protectionism collide 
to an exceptional degree in 
South Caro lina. 

On the one h?«nd , the state is 
a hotbed of religious funda- 
mentalism, borne to the evan- 


Setback for Menem on tax drive 


By David Pffing 
in Buenos Aires 


Emergency powers sought by 
Argentine president Carlos 
Menem to modify tax levels 
without consulting Congress 
may be watered down after an 
initiative by the Senate to mod- 
ify the so-called “superpowers'’ 

hill 

Senators, who last week 
granted Mr Menem special 
powers to merge and scrap 
overlapping layers of the state 
bureaucracy, appear unwilling 
to allow the president a similar 
free hand over tax decisions. 

Mr Menem and Mr Domingo 
Cavallo, the economy minister, 


have argued that they need 
such powers in order to 
respond quickly to any reve- 
nue shor tfalls Without such a 
tool, many analysts and for- 
eign investors believe Argen- 
tina may struggle to meet 1996 
fiscal targets agreed with the 
International Monetary Fund. 

The Senate was last night 
due to debate proposals that 
stop short of giving Mr Menem 
the “blank cheque” he is seek- 
ing. 

Under the proposals - which 
if passed by the Senate would 
be sent to the lower house - 
any presidential tax modif- 
ications would be screened 
by a -commission whose 


decisions would be binding. 

• Such a commission would, 
for example, be consulted if Mr 
Menem decided it was prudent 
to keep value added tax at its 
emergency level of 21 per cent 
throughout 1996. From April, 
VAT is due to return to its 
pre-Mexican crisis level of 18 
per cent, but that may not 
prove practical if tax revenue 
falls short of expectations. 

Senators have also proposed 
that a commission be estab- 
lished to examine the entire 
tax structure with a view to 
“modifying the current legisla- 
tion in order to render it more 
equitable”. The government of 
Mr Menem has greatly raised 


the tax take since 1989, but 
nearly 70 per cent of all taxes 
are revied on consumption, 
making the Argentine system 
highly regressive. 

Mr Pedro Lacoste, partner at 
the Alpha economic consul- 
tancy, argues that a tax struc- 
ture skewed too heavily 
towards consumption, aside 
from being unjust, is economi- 
cally inconvenient In times of 
recession, such as last year, 
tax revenue falls just when 
international capital flows are 
hardest to come by. Argentina 
needs a counter-cyclical tax 
structure. Mr Lacoste says, in 
order to make tax revenue 
more predictable. 


Another first forYTL 


Today, YTL Corporation Berhad becomes 
the first Asian company 
to be listed on the Tokyo Stock Exchange, 
Foreign Section, 


TWs event marks yet another milestone for YTL Corporation. In 


YTL has been invoked in developing Mabysias infrastructure 


1 992. YTL was awarded the first license to become an independent power since 1955. It is now a fully integrated infrastructure developer, with 


producer in Malaysia, bi buMng the power plants in Paka and Pasir Gwhng 
Malaysia (with a capacity of 1212 MW). YTL created a world record in 
combined cycle operations, completing the plants in just 21 months. 


e59ertise in consmioion contracting, property development, manufacturing 


and hotels & tourism, ss well as power generation. 


The bond issue to finance the project was given the first AA3 


Nonwra Seconds, YanoeW Seomfrtr Ceendenmtcr. KOKU&V Srarnts, New fepaa 
SaaHOes, Urns* Scones • Mrisiag Modan BunfcAmaaJi Merdnot flantos BaM 


rating by the Rating Agency of Malaysia for a Greenfield Project, and has 
since been upgraded toAAlThe project, the frst independent powo- plane 


Working for the advancement J *5 

of infrastructure since 1955. BJBLJE-3 


in Ash to be financed entirely in local currency, is now toffy operational. 


YTL Corporation Bflrtwd, 55 Jalan Bukit Bimany. 55100 Kuala Lumpur, Malaysia. Fax: 603-2412703 


US has 
turned 
corner on 
trade, says 
Brown 


By Michael Prowse and 
Nancy Dunne m Washington 


Mr Newt Gingrich, US House 
Speaker, said yesterday that 
Congress and President Bill 
Clinton were moving toward a 
potential breakthrough in stal- 
led budget negotiations, 
Afehin Molavi reports from 
Washington- 

fi ijntnp Administration offi-. 
cials were more subdued, say- 
ing no serious proposals had 
been suggested fay either side. 

After a Monday night con- 
versation with Mr Clinton, Mr 
Gingrich said he was optimis- 
tic a deal could be brokered- 

Republican leaders are con- 
sidering a plan to add budget 
provisions to a bill, dne by 
mid-March, that would raise 
the $4£00bn debt limit The 
White House is hoping for 
debt-ceiling legislation with- 
out amendments, but Mr Ging- 
rich advocates adding a tax 
cuts package to the blR. 

Serious differences remain 
among Republicans and Mr 
Clinton over tax cuts and 
Medicare and welfare reform 
and Republican additions to 
the debt-ceiling legislation 
could lead to another budget 
showdown. 



tion. But in Soath/Oajn hka 
while total mannfaigring 
employment in the, state. ha< 
been flat or declimng^^k ^ 
ated by foreign ■ 
lave risen by nearij^^jg^ 
cent . ; . 


Repub Beafi 
primnyresuftt* 


-ARIZONA 


Steve Fofbw :* , 
Bob Dote . • 

PatBudwrien.''. 
Larinor Alexander. 


NORTH DAKOTA 


Bob Dolr • 
Steve Forties - 
FatBoehamn ' 
PhiiGwnrn* 

Lamar Alexander 


SOUTH DAKOTA 


Bob Dote 
Rat Bucbenen _ 
Steve Forbes 
Lamer Alexander 


•AFP reporting counts In 9046 of precinct* 
ta Mama avMQOW «n ti» Datot® . • 
-Stamm dropped out of .«a, M t mna 
StH on Dolor - - • 


gelical Bob Jones University. 
On the other its economy, once 
sa dependent on agriculture 
and textiles, has been trans- 
formed by foreign investment 
and trade. 

Thus yesterday afternoon Mr 
Dole was in Greer, where on 


Tuesday BMW of Germany 
announced a $20Qm expansion 
to its four-year-old plant, creat- 
ing another 500 jobs. Last 
Thursday Fuji Film of Japan 
unveiled a seventh facility. 
Over 111.000 South Carolinians, 
nearly 9 per cent of the labour 


force, are now employed by the 
s ubsidiaries of foreign compa- 
nies, earning wages an average 
of 21 per cent higher than paid 
by US companies. 

Mr Buchanan bemoans the 
prfllapsp of US manufac turing 
in the free of foreign camped- 


vatism of. the heart^^aite 
his detenxunaticm to end 
tion, may prevail iu .the-state 
over oonsMeraticpsufa^iag.- 
, and the pocketixxdL^^fll 
also get support frQtofa&col- ' 
lar workers in the^de&biiiig 
textile industry, one. of' whose 
barons, Mr Roger MSlfreh; ^ 
his most substantial 
backer. Senator Ernest Bol- 
lings, the Democrat, has ■ hnfo 
his career as an ‘unabashed 
protectionist in defame o i fite 
teytfla industry, .-•-rV.' 1 •>- •" • - 
However, in Arizona^ also a 
state in the throes of ecamamc 
■ expansion. Republican voteis 
were much less swayedfay pnx ■ 
tectionist arguments^as' wit- - 
nessed by the Forbes victory/ 

As February, ends, the. 
Republican Party is.nri closer - 
to finding 1 a presidential candi- 
date than it was ;when . the 
month began. It cannot; even ' 
settle on the man mas Lfifafy 
to stop the Buchanan :hand r . 
wagon - and may- -not. for 
weeks to come. 

If that is music to the earn of 
President Bill Clinton im the . 


White House, as it surely must . 


be, at least he has the sensa^ 
not to gmg a premature victory - 
song out loud. : . ~ 


US bill on Cuba could 
hit foreign companies 


By Afstiin Molavi 
in Washfrigton 


The US trade deficit in 
December was smaller than 
expected but figures for 1995 
as a whole were the worst in 
seven years, the Commerce 
Department said yesterday. 

Separate figures showed a 
larger- than -expected gain in 
consumer prices last, mqnth, 
partly reflecting higher energy 
costs. Financial markets did 
not interpret the data as evi- 
dence of a rise in underlying 
inflationary pressures. 

The trade deficit was S6.8bn 
In December, marginally 
higher than a revised defirit.of 
$6.7bn in November, bet con- 
firming a trend toward lower 
monthly deficits evident since 
last summer. The: monthly def- 
icit peaked at $11.4bn last 
June. The December figures 
were better than expected as 
most analysts had predicted a 
I shortfall of about $7-2bn. 

I The deficit for the year as a 
whole was $lllbn, np front 
! 3i06.2bn in 1994. The US ran 
record deficits with Mexico 
and China of S15.4bn and 
S33.8bn respectively. The over- 
all deficit reflected a $174. 5bn 
shortfall on trade in goods 
only partly offset by a surplus 
on services of $63.4bn. 

Mr Ron Brown, Commerce 
Secretary, said 1995 “will be 
remembered as the year we . 
turned the corner on trade.” j 
Exports of goods rose 14 per I 
cent from 1994, the fastest 
growth since 1988. Imports of 
goods rose 12 per emit 

The consumer price index 
rose 0.4 per cent last month 
and 2.7 per cent in the year to 
January. Economists had 
expected a gain of 0.3 per cent 
The rise partly reflected a 1.9 
per cent rise in energy costs. 
Excluding energy and food, 
the core index was up 0.3 per 
cent, more than expected. 

The price data do not “por- 
tend any acceleration of infla- 
tion," Mr Alien Sinai, chief 
economist at Lehman 
Brothers, the New York invest- 
ment bank, said. But it cast 
farther doubt on the likeli- 
hood of another ent in 
short-term interest rates. 

Analysts said the consumer 
price index had risen sharply , 
in the early months of prevU' 
ous years, indicating, a bias 
not fully allowed farm sea- 
sonal adjustments. US officials 
yesterday rusbed to join Mr 
Brown in defending the US 
trade performance. 

Mr Mickey Kantor, US Trade 
Representative, said exports 
had climbed at a record pace 
for six months In a row;. One 
out of every three jobs created 
last year was dne to exports. 

Trade has become a central 
issue in the Republican presi- 
dential primaries, especially 
because of the protectionist 
stance of Mr Pat Buchanan, 
the conservative commentator. 

Mr Brown gave credit for 
the improvement in the US 
trade picture to “a Clinton 
Administration trade policy 
aggressively promoting US 
exports throughout the 
world." 


The US Congress yesterday 
began detailed discussion of a 
bill that could seriously ham- 
per the efforts of foreign com- 
panies to do business in Cuba 
by exposing them to costly US 
lawsuits ami denying entry to 
the US to executives of sanc- 
tioned companies. 

The Helms-Burton bill, 
named after Senator Jesse 
Helms and Representative Dan 
Burton, would allow American 
citizens, inrhtding naturalised 
Cuban-Americarts, to -sue- for-' 
eign companies that invest in 
property the Cuban govern- 
ment has confiscated over the 
past35 years. 

Under the proposed legisla- 
tion a Caban- American living 
in Miami or New York could 
sue a foreign company for 
investing in Cuba if he could 
prove that the property 
belonged to him originally. 
This would opm the floodgates 
for lawsuits against foreign 
companies investing in Cuba. 

Critics of the legislation, 
including Connecticut Senator 


Christopher Dodd, say it would 
create countless lawsuits, 
upset US allies, and run 
counter to US trade agree- 
ments. 

White House officials, origi- 
nally wary of the extraterrito- 
rial aspects of tile bill, yester- 
day met congressional staffers 
and did not voice opposition, 
according to Mr Marc Thiessen 
of the Senate foreign relations 
committee. . 

The Washington-based Euro- 
pean-American Chamber of 
Commerce attacked the bill, 
saying it contravened “interna- 
tionally accepted rules of law.” 
Mr Willard M. Berry, president 
of the chamber, urged ^Con- 
gress and the president to 
reconsider the bill, -arguing 
that it violated the spirit of the 
multilateral agreement on 
investment (MAD negotiations. 
US trade groups and chief 
executives have joined;. the 
chamber in protesting against 
aspects of the bill. ..„ -, . 

Foreign companies have not 
followed the US lead in isolat- 
ing Cuba. European companies 
are particularly active in 
tourism development, . oS 


prospeetton. cigar marketing 

anil mining - . 

Anti-Cuba sentiment has 
been running high to both the 
White House and Congress this 
week after Cuban Mig-29’s 
downed two unarmed Cuban- 
American piloted aircraft in 
international waters at the 
weekend. 

On Monday, President Bill 
Clinton announced a series of 
sanctions against Cuba in 
response, to the incident, 
including curbs- on flights to 
Cuba, but the potent Miami- 
based Cuban -American lobby 
and their supporters in Con- 
gress complained that the mea- 
sures lacked teeth. 

_ Ifcfi MR also caffs far linking 
US aid to former Soviet states 
based an their relations with 
Cuba, keeping Cuba out of 
international finaryrial institn- / 
lions, and tightening the ban*., 
on Cuban sugar. 

Rep ub lican presidential can- 
didates, their eyes on the 
upcoming Florida election pri- 
mary where anti-Castro senti- 
ment runs high, have been 
qmck to criticise Mr Clinton 
for his “soft” Cuba policy. 


Colombia in a fix over 
US drug certification 


By Santa Kendall in Bogota 


For weeks high-level 
Colombian delegations have 
been shuttling to Washington 
in efforts to persuade the US to 
award Colombia frill certifica- 
tion for its anti-drug efforts. 

President Bill Clinton is 
required by law to certify by 
tomorrow whether some 26 
drug-producing countries have 
been fully co-operating to its 
fight against the drug trade. 
Congress then has 30 days to 
endorse or change the report. 

Last year Colombia squeaked 
through to an intermediate cat- 
egory, on the grounds that cer- 
tifying the country was in the 
US's “vital national interests,” 
narrowly avoiding both igno- 
miny and possible economic 
sanctions. This year, with Pres- 
ident Ernesto Samper and sev- 
eral members of the executive 
and legislature the subject of 
investigations into drug money 
and illegal funding of political 
cam p ai g ns, the picture is more 
complicated. 

to theory, certification cov- 
ers 1995. When listing Colom- 
bia’s successes for the year, Mr 
Samper boasted: “Never has a 
government achieved so much 
against drug trafficking in 
such a short time.” 

Over 25,000 hectares of coca 
and 4.000 hectares of poppy 
plantations were destroyed and 
nearly 7,000 families benefited 
from crop substitution pro- 
grammes. On all fronts - 573 
laboratories destroyed, 80 air- 
craft intercepted, large quanti- 
ties of chemical Inputs for drug 
processing confiscated the 
figures show substantial 
improvements over 1994. 

Other advances included the 
capture ar surrender of ail but 
one of the Cab cartel leaders, 
introduction of legislation to 
combat money laundering and 


more controls af alxpdrts. 
Washington has confidence to 
the two key men leading the 
fight against trafficking, police 
cihirf General Rosso Joe6 Ser- 
rano and prosecutor-general 
Mr Alfonso Valdivieso. - - 
However, other factors are 
also likely to influence (he US 
decision, including: 

• Mounting evidence pointing 
to drug funding of the Liberal 
party 1994 election camp ai gn 
with the president now facing 
a reopened congressional 
investigation. 

• The January escape of lead- 
. tog Cab trafficker Mr Jos6 San- 
tacruz Londofio from j ail 

• Intelligence reports that 


Clinton must 

certify by 

tomorrow 

whether 

drug-producing 

countries have 

co-operated 


some traffickers run their busi- 
nesses from inside “maxfantnn 
security** prisons. 

Mr Guffiermo Perry, finance 
muiBter, says that the 1995 
results should ensure certifica- 
tion, but frifing that “the short 
term consequences on the 
economy would be limited.* 
receives virtually 
no bilateral aid from the US 
spsrt from tbs 3nti-drug qggjg . 
lance which would continue. 
But following decertification, 
the US would automatically 
vote against development loans 
by multilateral banks to Gol- 
omtoa. This could in practice 
blwi new loans if the US 
guided to press the case. Some 
*200m of loans would beupfor 


approval by the Inter-Ameri- 
can Development Bank this 
year and $300m-400m : from the 
World' Bank, though loans 
. already approved would not be 
-ML 

The effects of decertification 
..would be much more serious if 
the US government decided to 
impose trade - and other eco- 
nomic sanctions, something 
.which Is not normally done to 
“friendly” countries such as 
Colombia. 

An obvious target would be 
fiie special privileges granted 
under the Andean Trade Pref- 
erences Act, worth some $25m 
a year to Colombia. Other US 
trade preferences represent 
some $80m and foreign inves- 
tors might reconsider projects 
mCoIombia. 

Decertlfication would be 
acutely embarrassing interna- 
tionally, but the government 
could well gain frrnn. the anti- 
gringo feelings it would arouse 
among Colombians. Eradica- 
tion of drug crops by aortal 
.spraying is particularly 
unpopular in rural areas and 
Mr Samper’s stated target - to 
wipe out illicit plantations .by 
the end of Ms term - would 
seem even less feasible, ft was 
also provide less incentive for 
SPffldtoE nearly $lbn a year (of 
vtotoh 20 per cent ia foreign 
aid) mi fighting drugs. 

Drug trafficking and fwafae 
processing dipped, noticeably in 
toe second half of last year bat 
• have started rising again. 

Yet. important- changes are 
taking place with the long 
overdue exposure of narco<ior- 
ruptton. Whether the Colom- 
bian- congress absolves Mr 
h am per or finds a “dignified 
csSr* tor Mm and the many 
ptoers being investigated, it 
wfll never be as easy for drug 
cri mina l s to. buy their way into 
political power. 


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FINANCIAL TIMES ’ THURSDAY FEBRUARY 29 1996 


NEWS: UK 


’ Y arrow shipyard wins $ 600 m frigate battle 


By Michael Cassatt, James Hardingr 
Stuart Dolby and James Buxtoit 

The battle between two of Britain’s 
remaining warship yards for the 
£400m ($61 6m) contract to build three 
Type 23 frigates for the Royal Navy 
was won yesterday by Yarrow on the 
Clyde. The decision, announced by Mr 
James Arbuthnot. defence minister 
was greeted with delight in - Glasgow 
but disappointment in Southampton, 
home of Vesper Thomeycrvft, the los- 
ing yard. 

At Westminster. Yarrow’s victory 
brought renewed accusations that by 
giving the order to the Scottish yard. 


which has built nine of the 13 Type' 23 
frigates so far ordered, the govern- 
ment risked eliminating competition 
for warship construction in the UK. 

Yarrow, which is owned by the Gen- 
eral Electric Company, said the con- 
■ tract secured its future well into the 
next century. The company said that, 
as a result, it would be able to cut by 
200 the 630 redundancies It had 
announced earlier this month. At that 
time, fears increased that Yarrow 
could lose all or some of the order, 
placing its future in jeopardy. - ■ 

But Vosper Thomeycroft said its 
failure to win the contract meant that 
300 jobs would be lost over the next 


year and another ISO workers would 
not have their short-term contracts 
renewed. Vesper said the redundan- 
cies would cost £3m. 

Mr Martin Jay, chief executive of 
the Southampton yard, said it was “a 
very bod day for Vosper and for the 
south coast". But he said the com- 
pany remained in a very strong finan- 
cial position with a current order 
book worth more than £400m. 

Vosper was increasing its export 
business in the Middle East and 
looking for new contract opportuni- 
ties in the Far East, where it hopes 
contracts can be won within the next 
year. Vosper is also diversifying its 


activities to make the company less 
dependent on warship work. 

Mr Davey Hall, president of the 
Amalgamated Engineering and Elec- 
trical Union, said the announcement 
was a “tragedy" for workers and 
reflected the continuing decline of the 
British shipbuil din g industry. 

Mr Arbuthnot said the government 
had carefully considered the strategic 
implications of its decision for compe- 
tition in the industry. He stressed 
that Yarrow had won the order 
because it had offered a “significantly 
lower cost” and offered the best value 
for money for the taxpayer. Awarding 
the contract, to Vosper would have 


been “setting aside the c o m pe ti tion 
today to preserve some spurious com- 
petition in the future", he added. 

“Our decision been readied on 
the basis of best value for money for 
the taxpayer. It does not in any way 
reflect adversely on the capabilities of 
Vosper Thomeycroft as a builder of 
warships", Mr Arbuthnot said. 

But Mr David Chidgey, Liberal 
Democrat MP for the Eastleigh con- 
stituency, which includes the Vosper 
yard, described the decision as "a case 
of MoD short-term expediency" which 
was very d amag in g from the point of 
view of retaining competition for war- 
ship work. 


Crackdown on 
abuse of legal 
aid by wealthy 


By Robert Rice, 

Legal Correspondent 

A crackdown on abuse of the 
legal aid system by wealthy 
people who receive public 
funds to fight court actions 
was announced yesterday by 
the government 
From June several changes 
will be made to the arrange- 
ments for means testing appar- 
n enfJy wealthy legal aid apph- 
I cants. - The value of homes 
above £100,000 ($154,000) will 
now be taken into account, and 
a new special investigations 
unit will be set up with the 
power to examine the assets of. 
friends, relatives and children' 
in assessing entitlement to aid: 

Announcing the changes. 
Lord Mackay, the Lord Chan- 
cellor, said: "The government 
is fully. committed to ensuring 
legal aid is only granted to 
those who are entitled to 
receive it” 

About 35m people received 
legal aid in 19-1995 at a cost to 
the taxpayer of nearly £2.4bn. 

The government’s' move fol- 
lows public outcry over the 
granting of millions of pounds 
in aid to a number of business 
people in high profile fraud 
cases. . '• - 

Among those who received 
public funds while apparently 
continuing to eryoy a comfort- 
able lifestyle were Mr Kevin 
and Mr Ian Maxwell, Mr Roger 
Levitt, the disgraced financier, 
and Afr AsiJ Nadir,- the fugitive 
Tofmer PotfyPfiek 


But the government only 
decided to act after It was 
revealed in June 1994 that Dr 
Jawad Has him an Arab busi- 
nessman, had received more 
than £4m in aid to fight a legal 
battle with - his former 
employer, the Arab Monetary 
Fund, despite owning six lux- 
ury homes. 

Under the new regime claim- 
ants will face investigation by 
the unit if they have access to 
assets apparently owned by 
others, or have assets overseas, 
or an interest in a business 
with substantial assets. 

Other factors which will trig- 
ger an investigation include a 
wealthy lifestyle, a reputation 
for being rich or having a rich 
partner, and any hint that 
applicants’ finances have been 
rearranged so as to appear that 
they qualify for aid. 

The Law Society said the 
proposal to take the value of 
an applicant’s bouse into con- 
sideration was long overdue. 
But Mr Martin Mears, the soci- 
ety’s president, said other pro- 
posals were “simply unworka- 
ble". 

“The government has no 
means of requiring relatives 
and friends to co-operate with 
their inquiries," he said. 

In a separate development 
the Policy Studies Institute, an 
independent think-tank, called 
for 'legal aid funding to cover 
test cases and legal advice to 
community- groups. 

At the moment, legal aid can 
dhly Tjegfanted to’ individuals. 


Radio advertising shake-up fears 


By Raymond Snoddy 

Britain’s advertising industry 
is likely to seek talks with the 
Office of Fair Trading follow- 
ing the near collapse of Inde- 
pendent Radio Sales, the sec- 
ond largest sales house for 
commercial radio advertising 
airtime in the UK. 

IRS has been hit by the 
defection of two large clients - 
Emap, the media group which 
is also the largest commercial 
radio operator in terms of audi- 
ence. and GWR the Bristol- 
based commercial radio group. 

Both have switched their 
business to Media Sales & Mar- 
keting, a subsidiary of Capital 
Radio, the Loadon-based radio 
group. The sales house will 
have the dominant share of 
radio advertising &ales. 

The only other sizeable ven- 


Forty-four journalistic jobs were cut yesterday 
at the Independent and Independent on Sunday 
in the toughest round of cost-cntting at the 
loss-making newspaper group. 

Mr Charles Wilson, acting editor of the news- 
paper since the abrupt departure of Mr Ian 
Hargreaves in November, made the derision as 
part of a restructuring so the paper can survive 
into the next century. 


“This is the target structure that will enable 
us to produce a better quality Independent," Mr 
Wilson said last night The job losses, which 
include a number of vacancies that will not he 
filled, are the second stage of a restructuring 
b^ron last year. The job losses have been 
accompanied by around 20 promotions or 
changes in job descriptions and management 
said no further redundancies are envisaged. 


ture is Scottish and Irish Radio 
Sales, owned by Scottish Radio 
Holdings. According to IRS, 
the decisions will mean that 
the radio stations it sells 
advertising for will drop from 
about 19 per cent of the radio 
audience to between 4 and 5 
per cent. Unless new clients 
are signed IRS may go out of 
business. 

“I am just staggered by this 
decision. This is not the right 
decision far radio or the indus- 


try," Mr Stan Park, m anaging 
director of IRS said yesterday. 

The owners of IRS, Katz 
Media Corporation of the US, 
have indicated they will con- 
tinue for the time being, but 
redundancies are likely. 

IRS believes that MS & M 
will be selling radio advertis- 
ing time for 65 per cent of the 
audience and will control as 
much as 80 per cent of the rev- 
enue. Mr John Ayling, manag- 
ing director of a leading media 


advertising agency, said yester- 
day the MS & M market share 
was unacceptable. 

“It was unacceptable in post- 
ers and it is unacceptable in 
radio,” said Mr Ayling. He 
added that the advertising 
industry bad fought to prevent 
any television ’ sales house 
being able to control more 
than 25 per cent of advertising 
and would not accept what was 
effectively a radio sales monop- 
oly. 


Isle of Man to issue first euro 


By GflUanTett, 

Economics Correspondent 

The UK may seem set on 
opting out of a single currency 
- but one comer of the British 
Isles is bucking the trend. 

The - Isle of Man has 
announced it is to be the first 
European government to issue 
euro coins, apparently with the 
full Messing of other European 
authorities. 

More than 40,000 coins are to 
be issued from today, bearing 
the euro mark according to a 
design created by the Isle of 
Man’s own official mint 

The coins will be largely 
^commemorative, cast in pre- 
■’cioos'tijetals W lO,' 15 and 50 


euro denominations, and deco- 
rated with European compos- 
ers. However, they will be legal 
tender as anybody holding the 
money will be able to change 
them into sterling or other 
denominations at an Isle of 
Man bank, according to an offi- 
cial exchange rate. 

The Isle of Man’s move is 
similar to initiatives in other 
European countries with the 
Ecu, the forerunner to the 
euro. 

Gibralter, for example, has 
struck a series of Ecu coins 
which are legal tender in that 
region, while the Isle of Man 
followed suit with a Manx Ecu 
back in 3994.- : 

" However, «f»Dbjoy ‘ Mint; the ; 


Manx official mint is the first 
European region to press 
ahead with Euro coins, follow- 
ing the decision on the name of 
the future single currency by 
European governments at the 
end of last year. 

That the Manx move has 
been able to occur reflects the 
complexities of both the Brit- 
ish constitution and monetary 
regulations during the prepara- 
tions for a single currency. 

Although the Isle of Man is 
geographically part of the Brit- 
ish Isles, it has an independent 
government, tax regime and 
money issuing powers, even 
though the UK represents it in 
Europe. 

In general, the Isle of Man 


government says that it is pre- 
pared to follow the UK govern- 
ment’s stance over member- 
ship of a single currency. 
However, it has the right to 
issue a euro coin, under Euro- 
pean regulations. These stipu- 
late that countries can develop 
euro coins if their governments 
approve - and receive the 
backing of other European 
monetary authorities. 

The Manx euro coins will 
continue to be legal tender, 
even if a single currency is 
introduced in 2002. 

The European Monetary 
Institute, forerunner to a Euro- 
pean central bank, is designing 
the euro coin that will be 
issued across the Union. 


Gin sales 
will be 
stirred by 
newcomer 


By Roderick Oram, 

Consumer tndustries-Editor 

He UK gin market is heading 
for a' turbulent period with the 
launch of a gin from -the ‘dis- 
tiller of Famous Grouse Scotch 
whisky and an attempt by 
Allied JDomecq to push Beef- 
eater gmjnp market, with, a Jfi. 
per cent price increase. 

Both moves are likely to put 
pre ss ure bn Gordon’s Gin, the 
market leader, which is still 
trying to recover market share 
after its alcoholic strength was 
ctit nearly four years ago: 

The gin. market has declined 
by abortt 2 per cent or 3 per 
cent a year in the 1990s as gin 
has lost out to other white 
spirits and alcohol consump- 
tion has slipped. 

Gloats Gin was launched 
into this fray yesterday by 
Highland Distilleries- The first 
white spirit from Highland, it 
takes its- name from Matthew 
Gloag of Perth, the group's 
sales and marketing arm. 

Available first in the UK, 
Highland will start to export it 
later this year through Rgmy 
Cointreau, the French drinks 
group in which it has a cross 
shareholding, and- other dis- 
tributors. 

‘After the strength of Gor- 
don's Gin, produced by United 
Distillers, the Guinness sub- 
sidiary, was cot from 40 pa* 
cent to 37.5 per cent in 1992, 
its market share fell from 
about 50 per cant to low 40s. 

Gq&mess said it made the 
Cut because gin competed with 
' vodka and turn, both with typ- 
ically 37-5 per cent alcohol. 
The ertsaves about 40p a bot- 
tle in arise duties and VAT. 
Some, gin drinkers said they 
missed the alcohol and so 
switched to 40 per cent gfns. 

The wain beneficiary was 
Allied. Bomecq’s 'Beefeater, 
which has almost doubled its 
market share to 3 per cent A 
new Gordon's advertising cam- 
paign-launched tn November 
has helped it recover. ' 

‘ To the surprise of the trade, 
however, Allied has started to 
implement a 15 per cent price 
increase on Beefeater.- It says 
Beefeater always was a pre- 
mium gin, selling abroad at a 
higher mice titan ‘Gordon's. ' 


Celtic soccer club to launch investment plan 


By Patrick Harverson 

Celtic FC is aiming to pep up its 
challenge for footballing honours by 
becoming the first club in Britain to 
launch its own personal equity plan. . 
• Peps allow people to invest tax-free in’ 
shares and bonds and have proved 
extremely popular, attracting more 
than £3bn of investors’ money since 
their launch nine years ago. 

Celtic is now hoping to ride that 
boom. Caledonian Investments, the firm 
adminis tering the Celtic Pep, will pay a 
large part of the commission rit earns 
from the Pep’s sales to the football club. 
That money will then go towards pay- 
ing fear new players and the develop- 


ment of the Celtic Park stadium. 

In return for their investment. Celtic 
fens will get a 2 per cent discount on 
their commissions. The minimum lump 
sum investment is £1.000. or a monthly 
saving of £300. but wealthier followers 
of toe famous Glaswegian club will be 
able to invest up to £6,000 a year. 

“Celtic aims to compete at the high- 
est possible level and that means the 
club must generate more income from 
commercial activities,’’ said Mr Fergus 
McCann, the club’s managing director. 

■ But investment industry profession- 
als say the Celtic Pep will have to 
attract a lot of investors if the dub is to 
generate enough revenues to buy a top- 
flight player. Commissions on Pep sales 


are rarely above 3 per cent - and Celtic 
will only be getting a share of that. 

Mr Ian Mill ward, investment market- 
ing manager of Chase de Vere, says: “If 
the Pep attracted a million pounds they 
would be doing welL So Celtic would 
get a share of the £30,000 commission. 
It’ll pay their wages for a fortnight, or it 
might buy their boots for a season “ 

The Pep will be marketed through 
Celtic Investment Services, a Caledo- 
nian subsidiary, and tbe club’s fans 
should have no problem remembering 
the freephone number 0800 21 1967. It 
marks the scare and the date of the 2-1 
defeat of Inter Milan that made Celtic 
the Grst British team to win the Euro- 
pean Cup. 


• Arsenal Football Club is in danger of 
losing its main sponsor, the electronics 
company JVC, when the current con- 
tract runs out at the end of this 
season. 

The club would not comment yester- 
day, but a report in Marketing Week 
magazine quoted JVC as saying that 
Arsenal would need to find another 
sponsor when the £5m three-year con- 
tract ended. 

If JVC does pull out, after 13 years as 
Arsenal's sponsor, it will not necessar- 
ily be a financial blow to the club. 

If the dub sign with a new sponsor, 
sales of its replica kits will rise as fans 
replace their out-of-date JVC-sponsored 
shir ts. 


Shorts heads for a break in the clouds 


By John Murray Brown 
in Belfast 

Turbulence is a familiar 
feature of the aerospace indus- 
try hut this week has bear a 
particularly buffeting one for 
Shorts, the Belfast-based aero- 
space company. 

• On Tuesday It was 
announced that Shorts’ parent 
company. Bombardier, tbe 
fbmgdfan industrial group, bad 
pulled out of negotiations to 
buy Fokker, the troubled 
Dutch aircraft maker, which is 
one of Shorts’ biggest custom- 
ers. On the same day Shorts 
held a ceremony at its east Bel- 
fast facility to mark the deliv- 
ery of the first tailplane for the 
Global Express, Bombardier’s 
long-range business jet project 

The company achieved 
another first yesterday when it 
loaded the socalled “horizontal 
stabiliser” on to an 'Antonov 
124 bound for Bombardier's 
facility in Montreal - the larg- 
est aST shipment ever under- 
taken qut of Northern Ireland. 

Many -in the industry saw 
the Ca Tiadian group,' which 
acquired Shorts at privatisa- 
tion in 1969, as front runner to 
wiiw over the ailing Dutch con- 
cern.- ' Shorts is Northern 
Ireland’s largest employer with 
around 9,800 workers - more 
than 7,000 employed in the 
province. 

Through Tnaking and design- 
ing the wings for the Fokker 
100 and Fokker 70, Shorts’ 
exposure to Fokker is consider- 
able. Fokker accounts for 
around 20 per cent of Shorts' 
turnover, which In the year to 
January 1995 was almost 
£40flm ($616m). In total 1.500 
jobs are at stake. Already 



Shorts executives hand over the first ‘horizontal stabiliser’ for tbe new Global Express business jet at the Belfast factory yesterday 


- around 100 of the 400 assembly 

- workers on the Fokker division 
have been redeployed to other 
divisions, some of them to the 
Global Express project 

The company has been told 
■ by ' Fokker’s administrators 
that it has only two more 
weeks of guaranteed produc- 
tion. The administrators have 
now asked the Dutch govern- 
ment for further bridging 
financ e to tide it over for a 
further couple of weeks. 

Samsung, the Korean con- 
glomerate, and a Dutch consor- 
tium are still in discussions 
over the purchase of Fokker. 
But for Shorts, one of the main 
worries, short of an outright 
closure of Fokker. is that if 


Samsung emerged as the new 
owner, it could deride to move 
production back to Asia. 

Asked about such a possibil- 
ity. Mr Roy McNulty, Shorts' 
president, said he believed it 
would be difficult to relocate a 
complex assembly line, such as 
that for a wing facility, to 
another site. 

In some respects this week's 
twin events provide a reminder 
of just how far Shorts has 
diversified its product range 
since privatisation, when it 
depended on Fokker contracts 
for 40 per cent of its business. 

“Obviously we’re very keen 
to see Fokker survive, but its 
no longer the mainstay of our 
business,” said Mr McNulty. 


The company now has 
between £30m and £40m worth 
of sub contract work for Boe- 
ing. Meanwhile its defence 
division, which accounts for 45 
per cent of Shorts' business, is 
favourite to be awarded a 
multi-million dollar contract to 
supply the US armed forces 
with its Stars treak air-to-air 
missile. Its support service 
division is bidding for a 10-year 
£300m contract with the UK 
Ministry of Defence, for a heli- 
copter training centre. 

More dramatic has been the 
transformation of Shorts' part- 
nership with Bombardier, now 
its leading customer, with con- 
tracts worth around £90m a 
year. 


Shorts, which is already the 
main manufacturer of the Lear 
45. another Bombardier busi- 
ness jet has invested around 
£50m and five years developing 
the Global Express, a project 
which involves French, US, 
Canadian, and Japanese collab- 
oration. The project is using 
- carbon fibre composite materi- 
als for the first time. 

Shorts is hanking on the 
development to provide around 
600-700 jobs, expanding from an 
initial output of two aircraft a 
month when It comes into pro- 
duction in September. First 
deliveries of the aircraft, pend- 
ing certification with the US 
aircraft authorities, will be in 
1997. 


UK NEWS DIGEST 

US Lloyd’s suit 
irks department 

Sweeping legal action being pursued against Lloyd’s of 
London by securities regulators in California last ni gh t pro- 
voked an angry reaction from tbe state's insurance depart- 
ment. 

Hie dash came as the case against Lloyd's opened in a Los 
Angeles court. The Department of Corporations, California's 
securities regulator, is seeking a temporary order to stop 
Lloyd’s drawing down on letters of credit provided by its 
lossmaking investors, or Names. It also wants to freeze SlObn 
held in trust on Lloyd's behalf in the US. Legal action by 
securities regulators spread yesterday to Missouri which 
accused Lloyd's of using money from US investors to cover 
massive insurance liabilities it had incurred. 

The case bought in California has worried the state’s insur- 
ance department because insurance companies licensed in the 
state rely heavily on the Lloyd’s market At least 15 such 
insurers would be “technically insolvent" if they could not 
rely on Lloyd's for reinsurance (protection ag ains t big losses), 
the department said. Mr Chuck Quackenbush, the state's 
elected insurance commissioner, recently arranged for Lloyd's 
to proride nearly $200tn of reinsurance cover for the state's 
earthquake protection programme. 

Mr Richard Wiebe, spokesman for Mr Quackenbush, said the 
insurance department had only learnt about tbe securities 
regulator’s action in newspapers. No decision on what action 
it might take has been made but “we would certainly urge the 
department to consider the interests of California's policy- 
holders," he said. Meanwhile, Citibank, which handles Lloyd's 
US trust hinds, is understood to be attempting to have the 
California action transferee to a federal court. 

Meanwhile, London-based commercial insurers yesterday 
took a radical step aimed at protecting the City's role as an 
international insurance centre. They agreed to allow access 
from elsewhere in Europe to electronic systems which are 
transforming the market. The move by the London Insurance 
and Reinsurance Market Association is intended to protect the 
City from insurance markets in Europe and Bermuda. 

Ralph Atkins, Insurance Correspondent 

Debt figures exceed criteria 

Britain still fails to meet some of the criteria for European 
monetary union according to the latest update on government 
debt figures published yesterday. 

The UK's general government financial deficit in the finan- 
cial year 1994-95 was 6^ . per cent of gross domestic product 
(GDP), revised up from 6.1 per cent, the Central Statistical 
Office said. In the calendar year 1994 the general government 
financial deficit was 6.9 per cent of GDP, compared to 7.8 per 
cent in 1993. Both measures exceed the guidelines set out in 
the Maastricht criteria which require a deficit of 3 per cent of 
GDP or less. But the UK does meet the criteria for general 
debt levels of 60 per cent of GDP or less although the situation 
has worsened, the CSO's figures showed. Graham Bowley 

Public sector jobs down 1.2% 

The number of public sector employees fell by only L2 per 
cent (66,000) last year in spite of the government’s hopes of 
reducing the size of tbe public sector labour force, according 
to official figures to be released today by the Central Statisti- 
cal Office. There was a rise of 0.1 per cent (2,000) in local 
authority employment last year, the first annual increase 
since 1990. The numbers working for national health service 
trusts rose 8.5 per cent or 85,000 people and there was a small 
net growth in social services jobs. Robert Taylor 

Marketmakers blamed for ‘coup’ 

Mr Michael Lawrence, the former chief executive of the Lon- 
don Stock Exchange, said yesterday that only a small handful 
of marketmakers were behind the “coup” that led to his 
ousting in January. Mr Lawrence told the Commons Treasury 
committee that only BZW, the investment banking arm of 
Barclays Bank, and Merrill Lynch, the US broker that now 
controls Smith New Court, were firmly opposed to the intro- 
duction of an electronic order book alongside the Stock 
Exchange’s traditional quote-driven system. 

But hostility to order-driven trading was not the real dis- 
pute, Mr Lawrence said. “It was an Issue of control . . . What 
was upsetting them was the fact that the management of the 
exchange was running the thing in a professional way,” he 
told MPs. George Graham 

Contracts 

POWER: The National Grid Company has won an eight-month 
contract to design a high-voltage power line in the Bangkok 
area of Thailand. 

HEALTH FOODS: Tyneside-based health and fitness equipment 
supplier Carlo Citrone Enterprises has won, a £3.6m contract to 
market a safe food substitute for anabolic steroids. The com- 
pany is to be the sole European distributor of MET-Rx, a food 
supplement drink mix made by MET-Rx USA of California. 


NOTICE OF CHANGE OF C0MUNY NAME 

' T« Ike Mins tf bcufc, whs, marts art atfar mchWk far aMcH 
malms ef Tbe Baric ef Takjp Rraup set as Tnstae, fiscal VbbI, 
Prisdjm Pqfap As— t. Warrant Ofwt, Pqfrg Upwa, C n wn lw Mart 
ar Pnots flgut m la aajr attar Hater capacity 

NOTICE IS HEREBY GIVEN that, as a consequence of the sched- 
uled merger among The Bank erf Tokjro Group and The Mitsubishi Bank 
Group, die names of certain offices and entitles composing The Bank of 
Tokyo Group will be changed with effectfrom 1st April, 1996, subject to 
approval of relevant authorises, as follows: 

Office 



Telephone: 81-3-3240-1111 /Telex: 

The Bank of T oky o-Mitsubishi, LhL, London Branch 
(formerly The Bank cf Tokyo, LhL, London Office) 
Location unchanged 

7he Bank of Tokyo-Mitsabishi, Lki, Brussels Branch 
(formerly The Bank of Tokyo, Ud., BrussdsOffia ) 
Location unchanged (New postal code: 1000) 

The Bank of Tokyo- Mitsubishi, Ud, Paris Branch 
(formerly The Bank of Tokyo, LhL, parts Office) 
Location unaiangied 

Tbe Bank of Tokyo-Mitsub ishi, LtaL, Singapore Branch 
(formerly The Bank of Tokyo. Ltd., Singapore Office) 

9 Raffles Place 01-01 Republic Plaza 048619 Singapore, 


Hie] 

Telephone 65-5 


'efac unchanged 

(formerly TJ^Bank cf Tokyo, Ltd.. Hong ftmgf^ffice) 
Location unchanged 

Bank of Tokyo-MItsnbishi Trust C o mp any 
(fomiedy The Bank of Tokyo Trust Company) 

Location unchanged 

Bank of Tokyo-Mitsobishi (UK) limited 
( form erly Bark tf Tokyo I n tern a tional Limited) 

Location unchanged 

Bank of Tokyo-Mitsubishi (Deutschland) Aldic 
(formerly Bank if Tokyo (Deutschland), "" 

Mainzer Landstrasse 16, D-6G325 Frankfurt am Main, Gmnany 
Telephone: 49-69-7176-Q/TeIex: unchanged 
Bank of Tokyo-Mitsobishi (Luxembourg) SA. 
(formerly Bank tf Tokyo {Luxembourg) SA.) 

Location unchanged 

Bank of Tokyo-Mitsobishi (Switzerland) Ltd. 
(formerly Bank of Tokyo (Switzerland) Ltd.) 

Location unchanged 

Bank of Tokyo-Mibubishi (Holland) N.V. 

(formerly Bank cfTdap (HoSattd) N.V.) 

Location unchanged 


29th February, 1996 


^ Tbe Baft of Tokyo, Ltd. 


i 



8 



Role of 
genes 
research 

I nnovation in human genetic 
technology is more depen- 
dent on basic research than 
in any other field, a joint US-UK 
study has found. 

The Wellcome Trust's Unit for 
j Policy Research in Science and 
' Medicine (Prism) in London and 
CHI Research in New Jersey ana- 
lysed all 1,105 US patents 
granted between 1988 and 1992 in 
the field of human molecular 
and cell technolog)’. 

They used patents to investi- 
gate the innovation process 
because patenting is a rigorous 
process, in which novelty and 
applicability must be proved, 
and because patent applications 
contain references to the previ- 
ous research that contributed to 
the invention - known techni- 
cally as “prior art". 

An average patent in this field 
contained nine references to sci- 
entific papers, compared with 
five in drugs and medicine, three 
Lb agricultural chemicals and 
less than one in several other 
areas such as plastics, electrical 
equipment and scientific instru- 
ments. The vast majority (92 per 
cent) of references were to basic 
rather than applied research. 

The main sources of funding 
for the research cited were gov- 
ernment (US National Institutes 
of Health or UK Medical 
Research Council) and charities. , 
Only 15 per cent of the “prior 
art" was supported by ind- 
ustry. 

David Seemungai one of the i 
Prism study group, says there is ' 
an important conclusion for UK 
technology policy. “The results 
support the anecdotal evidence 
that the UK is strong in basic 
research but not good at exploit- 
ing it" 

UK scientists produced 6.5 per 
cent of the papers cited on 
human genetics patents but the 
UK accounted for only 2.8 per 
cent of the patents themselves. 
Japan, in contrast was responsi- 
ble for 4.8 per cent of the 
research papers and 12.3 per cent 
of the patents. 

A full report of the study will 
be published in the March edi- 
tion of Technology Analysis & 
Strategic Management 

Clive Cookson 



U ntil now. space satellites 
have been primarily the 
domain of governments 
and big telecommunica- 
tions groups. But new technologies 
aimed at slicing costs may soon fuel 
the multimedia revolution by open- 
ing space to mid-sized companies 
hoping to beam signals back to 
earth. 

A driving force behind tumbling 
costs is a US government initiative 
called the Evolved Expendable 
Launch Vehicle programme. 

Four companies - McDonnell 
Douglas. Boeing. Lockheed Martin 
and Alliant Techsystems - are 
competing in the bid to provide 
satellite launch services. The 
Department of Defence will narrow 
the field to two by the end of the 
year and select the contract winner 
15 months later. 

“The new technologies being 
developed through the EELV have 
major implications for the 
commercial use of space.” says 
Byron Callao, aerospace analyst at 
Merrill Lynch, the US securities 
house. “Satellite costs will probably 
be cut dramatically, me anin g 
middle-market companies could 
take greater advantage of the 
multi-media pie." 

No one knows how big an impact 
failing costs will have, but a recent 
Nasa study shows declines in price 
can be expected to boost 
substantially the private use of 
space. 

One of the biggest and most 
stubborn cost components of 
satellite operation has been the 
launch. Whereas the price of 
satellites themselves has dropped 
dramatically in recent years, the 
cost of launch has stayed high. 

Putting a satellite in space costs 
between $60m (£39m) and $300m 
today, depending on the size of the 
rocket and the target orbit. Some 
analysts predict a big decline in 
that price tag - as much as 80 per 
cent - by the end of the century. 

Besides slicing its own expenses, 
the US government is hoping the 
EELV programme will improve the 
country's position in the satellite 
launch business. The US lias been 
losing ground in the sector since 
the 1980s. The European company. 
Arianespace, holds a 60 per cent 
market share, with the US. China, 
Russia and Ukraine splitting the 
rest. 

“It's a question of, ‘If you build it 
they will come'.” says Chris 
Andrews, assistant for launch at 
the Pentagon. “We'D be happy just 
to cut down on our own expenses, 
but the side-effect could very well 
be that the US will get a bigger 
share of the satellite launch 
market." 

Hughes Space, a leading customer 
in the market, says the new 
programme has encouraged the 
company to take a second look at 
US groups. “We have a backlog of 



FINANCIAL TIMES THURSDAY FEBRUARY 29 


TECHNOLOGY 


Sea Launch Co 

Boeing’s mobile satellite launch site - a converted oil drilling platform 

Satellite 

scramble 

Cutting launchpad costs will allow 
mid-sized companies to join the 
space race, writes Victoria Griffith 


40 vehicles waiting to launch," says 
spokesman Emery Wilson, "so we're 
very interested in working with the 
American companies.” 

In spite of the ballooning demand 
for satellites, the launch market is 
crowded. By the beginning of the 
next century, analysts say. there 
may be only a few survivors left in 
the industry. 

New cost-cutting technologies, 
therefore, are crucial to success, 
and companies are investing 
heavily to come up with novel 
strategies. 

Lockheed Martin alone, for 
instance, is sinking more than 


$300m over several years into 
vehicle improvements. Location is 
key to a cheaper launch. Because 
some satellites are destined for 
polar orbits and others for 
equatorial orbits, proximity to the 
poles or the equator can make big 
difference to the final pricetag of a 
launch. Lockheed Martin, for 
instance, sax's it needs about 10 per 
cent more power to place a satellite 
in an equatorial orbit from its 
Florida base than it would from a 
base closer to tbe equator. 

Boeing has come up with a novel 
approach to this dilemma. The 
company is refitting an old oil 


drilling platform as a mobile 
satellite launch site. Dubbed Sea 
Launch, the platform will be able to 
propel satellites into space from the 
most cost-effective location for the 
desired orbit. As an added 
advantage, the company can also 
avoid weather delays that hold back 
many launches. 

“We'll just go where the skies are 
blue,” says Patrick Enyeart, 
vice-president of Boeing 
Commercial Space Company. 

S tandardisa tion is a common 
theme among competitors for tbe 
EELV bid. 

“If all the rockets have similar 
components for launch, we can take 
advantage of economies of scale and 
get a reasonable production line 
going.” says Raymond Colladay. 
vice-president of business 
development at Lockheed Martin. 
The challenge is to get standard 
components to work equally well 
for different size vehicles. 

Companies are making 
substantial use of automation to cut 
the numbers of people needed to get 
a vehicle off tbe ground. Boeing, for 
instance, will use robots and 
machin es to ‘stack’ its rockets 
horizontally, then erect them. 
Alliant is relying on sophisticated 
digital technology to replace 
manual labour - 

Lightweight materials will also 
play a role in a more affordable 
launch. 

“We want to make the 
non-propellant parts as light as 
possible because it will take less 
power to get the satellite into 
orbit." says Richard Schwartz, chief 
executive of Alliant Techsystems. 

The tending of the cold war was a 
welcome break for the satellite 
la unch groups. With cheap Russian 
and Ukrainian parts on the market, 
companies are hoping to shave tbe 
cost of components. Lockheed is 
using a Russian engine in its EELV 
project, and Boeing is tapping 
countries behind the former Iron 
Curtain for affordable parts. 

No one yet knows juk how cheap 
satellite launches can become. The 
EELV programme requires 
participants to reduce the price 
they charge the government for a 
launch by at least 25 per cent, 
compared with current prices, and 
aim for reductions of at least 50 per 
cent. Some analysts believe the 
final pricetag could go even lower. 
The mare dramatic the cuts, the 
greater impact the new technologies 
will have on the commercial use of 
space. 

“Satellites are likely to become a 
key element of the multimedia 
revolution,” says CaHan. 

“Satellite dishes are sprouting up 
around the world - in Asia and 
Latin America now as well as in 
developed countries. The work 
that's being done now will help 
determine just how cheap access to 
space will be." 


Worth Watching ■ Vanessa Houlder$ 


Hand-held electrode 
in screening trial 

A simple breast screening 
technique that could detect 
tumours in women of all ages is 
undergoing trials in hospitals in 
IsraeL France, Italy and the US. 

TransScan Research and 
Development, an Israeli -based 
company, believes the technique 
could improve the early detection 
of cancer when used in 
conjunction with mammography, 
an X-ray technique usually 
limi ted to women over 50. 

TransSpectral Impedance 
Sc anning uses a sensor to 
measure low-level electrical 
currents generated by an 
electrode held in the patient’s 
hand. That allows the electrical 
impedance of the underlying 
breast tissue to be calculated and 
displayed on a monitor. Changes 
in the cell membrane structure 
and water content associated with 
cancerous tissue can be detected 
since they alter the electrical 
Dow. 

TransScan Research and 
Development: IsraeL tel 6440080; 
fax 6546044. 


Software saves time 
on the Internet 

A UK company has developed 
software for “autonomous 
agents” that can save users 
having to browse through reams 
of irrelevant information on the 
Internet 

The AutoNomy software 
developed by Cambridge 
Neurodynamics can “learn” what 
a user wants from the Internet, 
and then search and retrieve it 
The software, which uses the 
pattern recognition capability of 
neural networks, is capable of 
refining its search according to 
the user's response to the items 
that it has already selected. 

The company has also 
developed “pre-trained” agents 
for frequent tasks, such as 
compiling personalised 


newspapers or ranking e-mail ■ 
messages In priority onter.,^*: ;. 
Cambridge Neurodynamux UEfjeT 
(0)1223 421107; fax (0)1223 


Cleaning up afteri^ 
lead contamination 

One of the world’s biggest soijf ; • V 
dec ontamina tion plants is &boiit~ 
to start cleaning up a site ' ^ 
adjacent to tbe main arena 
Olympic Games In Sydney. ; fS* 
The plant will treat sofl_ : .. 
contaminated by lead from a ^ 
former paint factory. ... 

Decon lamination will involve' 
washing soiT and sand, using ' 
separation methods developed tq. 
extract minerals from rock 
oil in mining operations. v”~ 

The three-year project uses iT f 
plant supplied by Svedala, a 
Swedish equipment maker. ■ 
Svedala: Sweden, tel 224 570%-: - 
fax 224 16950. . 


Breakthrough for 
plant fertility 


A Dutch agricultural research- V 
institute has isolated two genes 
which help regulate the •’ . . 
fertilisation of plants. 

One of tile gates is responsfrle. 
for the synthesis of a flower . ■ 
pigment that plays an important, 
role in tbe growth of pollen tube 
(the tubes that grow from the ■ ■■ •% 
pollen grains to the ovuletthe 
other is involved with tbe uptake 
of sugars by the pollen tube. 

Scientists at the DLO Centre for 
Plant. Breeding and Reproduction 
Research believe that the 
Isolation of tbe genes will open up 
methods of promoting or 
preventing plant fertilisation. . 

DLO-NL: The Netherlands. tel 
317474000: fax 317424060. 


Placing your bets at 
the dinner table . - 

Betting enthusiasts can now place 
beta using a band-held terminal 
without stirring from the 
racecourse restaurant The 
Horserace Totalisator Board has 
installed at its Wolverhampton 
coarse a number of mobile 
terminals, linked to a racecourse 
computer by radio signal. 

The system uses the same 
technology as the Tote Direct 
betting shops which transmit bets 
into tbe Tote’s central system at 
Wigan. 

Horserace Totalisator Board: UK, 
tel ( 0)181 874 6411; fax (0)181 874 
6107. 


CONTRACTS & TENDERS 


CONTRACTS & TENDERS 



Eletrobras ^ 

Centrals EJ6tricas Brasileiras SA 


MMtST£RIODERBNASEENB*GIA COMPAfMA ABS7TA CGCNMJOOOI 180TOO1<» 

CONSULTING SERVICES FOR THE RESTRUCTURING OF 
THE BRAZILIAN ELECTRICAL SECTOR 


ELETROBRAS, the state-owned holding company for the Brazilian electrical 
energy sector, is initiating a bidding process for consulting services to assist the 
Brazilian Ministry of Mines and Energy in the "Restructuring of the Electrical Sector". 

The consulting services are to be financed by the IBRD, subject, however, to the 
signing of an amendment to Loan 3376-BR. 

The procurement process follows the guidelines for Limited International Bidding 
as established by the Bank. 

The firms below were pre-seiected to be invited to present tenders: 


BOOZ ALLEN & HAMILTON 
Cleveland, Ohio - USA 

COOPERS & LYBRAND 
London - UK 
ERNST & YOUNG 
Washington D.C. - USA 


NATIONAL ECONOMIC 
RESEARCH ASSOCIATES 
Washington D.C. - USA 
PRICE WATERHOUSE 
London - UK 

PUTNAM, HAYES & BARTLETT 

Washington D.C. - USA 


The announcement of the pre-selected firms has the purpose of enabling 
International and Brazilian consulting firms to seek participation in the services, 
either by association or consortium with the aforementioned firms. 

The broad scope and complexity of the services will require highly qualified 
personnel in the following areas: 

International Experience: 

■ Restructuring of electrical energy sector, organization of electrical energy 
competitive markets attractive to private capitals, investment risk evaluation and 
spot markets. 

• Electric energy industry economics, expansion costs, financing, pridng.different 
forms of commercialization and interchanges, pools, supply contracts and tariff 
models. 

• Elaboration of regulatory systems, structuring and technical qualification of the 
Regulatory Entity. Utility evaluation systems. 

• Electrical system engineering, expansion and operation planning of predominantly 
hydroelectric interconnected systems with thermal participation, optimization of 

' generation, access to transmission and distribution systems and their respective 
tariff methodologies. 


Brazilian Experience: 

• Constitutional, commercial, tax, labor, corporate and administrative legislation, 
Brazilian Electrical Sector legislation with a dear perception of the ongoing changes 
in the electrical energy market. 

• Brazilian electrical sector economics, expansion costs, financing, pricing , different 
forms of commercialization and interchanges , pools, supply contracts, utility cost 
structures and tariff system practiced in Brazil. 

• Electrical system engineering, systems and procedures in planning and operation 
of the Electrical Sector. Carrying out of generation and transmission projects and 
environmental aspects. Bidding organization and knowledge of hydroelectric 
inventories already performed. 

Antonio Jos£ Imbassahy da Silva 
President 

Address: Av, Presidente Vargas, 642 - 10° andar- FAX (021) 233.3248 

CEP: 20.070-900 - Rio de Janeiro - RJ - Brasil - Caixa Postal 1639 


AFV RT. 

HUNGARIAN PRIVATISATION 
AND STATE HOLDING COMPANY 


Notice of tender 

The Board of Directors of the Hungarian Privatisation and 
State Holding Company (the ‘"Issuer*') decided to sell the 
state owned shares of 

Forum Hotel Rt. 

The total nominal value of the offered shares is HUF 4,100 
million representing 94.91% of the Company’s voting 
equity and will be sold in a closed one-round tender 
procedure. Primarily startegic investors were invited to 
participate in the tender, and financial investors may submit 
a bid only jointly with a strategic investor providing the 
latter with majority ownership. The invited bidders may 
take over the Invitation for Tender and all tender 
documentation from the Issuer on 29th February, 1996. 
Deadline for submission of the bids is April 24th, 1996. 



GIVE US 
A STAPLE 

And don’t forget to add your cheque to 
fund more Macmillan Nurses to help 
1,000,000 people living with cancer. 

(1 in 3 of us will gee cancer) 

Cheque amount £ made our to ‘CRMF (F3)’ 

Please send it to: 


CRMF FREEPOST LONDON SW3 3BR 


5 ? 


Macmillan 




Cancer Relief Macmillan Fund exfots ro support 
people with cancer and their families. 

Rcsd. Chanty X«i 10 1 7 


NOTICE OF EARLY REDEMPTION 
CRACECHUftCK MORTGAGE 
FINANCE FIX 
(tbr*7i» ti*) 
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CITY INDEX 





FINANCIAL TIMES THURSDAY FEBRUARY 29 1996 


Cinema/Nigel Andrews 


ARTS 


Speedy trip through 
apocalyptic mayhem 


H ow will the world end? 

According to the 
futuristic thriller 
Strange Days it could 
expire in a blaze of 
self-destructive hedonism at mid- 
night on December 31 1999. By that 
point humanity will have experi- 
enced all that is worth experiencing 
and a rioting, drug-crazed Los 
Angeles - alias, as always in Holly- 
wood films, the world - may explode 
in civil conflict Our only hope is 
that the right hero (Ralph Fiennes) 
or heroine (Angela Bassett) gets to 
the scene in time. 

Directed at breakneck speed by 
Kathryn Bigelow, this film breaks its 
own neck somewhere around the 
hundredth minute. The trouble with 
attempting to outpace or overleap 
the holes in an action-packed, proba- 
bility-free script, written by Termi- 
nator creator and former Bigelow 
spouse James Cameron, is that you 
risk even deadlier stumbles in the 
process. Strange Days, as we expect 
from the director of Blue Steel and 
Point Break, is fast, furious and styl- 
ish: up to the point that it finally 
tumbles, realising like us that there 
is no real solid ground here, just 
crazy-paved paranoia. 

Our anti-hero is Ralph Fiennes 
with an American accent An ex-po- 
liceman turned salesman of bootleg 
Virtual Reality tapes - hardcore 
stuff filmed straight from the brains 
of, say, drug-takers or love-makers - 
his greasy locks and hyperkinetic 
wiflnnpr go with an amiably pedantic 
dress sense. "This tie doesn't go with 
blue" he will snap at a crisis point 
Whereupon he swaps neck-halters 
and charges out to confront his lat- 
est antagonist: the police, or the 
white ganglord (Michael Wincott) 
who has stolen his former girlfriend 
(Juliette Lewis), or the snuff direc- 
tors who are giving VR a bad namp 
or the group of black rappers whom 
an escaped tape proves to have 
killed a leading black activist 
Fiennes's only ally, as he veers 
from vice towards virtue, is a black 
armoured-limousine driver played by 
the formidable Angela Bassett: an 
actress who looks as if she could 
knock any man out with one of her 
bare cheekbones. As the film moves 
towards its conspiracy-theory cata- 
clysm - the LA. police are as ever 
behind much of the trouble - 
Fiennes and Bassett become like 
moving blobs in a video game. All 
around them cars career, buildings 
blaze, sound effects go thud or 
screech and snuff murder victims 
act out their terror before wobbly. 


point-of-vfew cameras. 

Swathes of this fl jm , you could 
say, have been made before: 35 years 
ago by Michael Powell under the 
title Peeping Tom (voyeurism as 
grand gmgnol), 15 years ago as Blade 
Runner (inner-city holocaust as spec- 
tacle). Whenever it shakes off ante- 
cedents, though, the movie is pass- 
ably original, not least in the tone of 
apocalyptic farce blended into the 
mayhem. After this, two things often 
said of women, that they cannot 
direct all-out action or all-out black 
comedy, need never be said again. 

Maria Giese's When Saturday 

STRANGE DAYS 

Kathryn Bigelow 

WHEN SATURDAY 
COMES 
Maria Giese 


FRENCH TWIST 
Josiane Balasko 

LA MADRE MUERTA 
Juanma Bajo UUoa 


A BOY’S UFE 

ICA 


Comes and Josiane Balasko's French 
Twist are the week’s second and 
third feature films directed by 
women, possibly a record in UK dis- 
tribution history. Neither, though, 
presents as strong a case for positive 
discrimination as Strange Days . 

Giese. a UCLA graduate, crossed 
the Atlantic to make her unbeliev- 
able farrago about life, soccer and 
machismo in the British north. Only 
a foreigner could have assembled 
such a panjandrum of dichfe: the 
coalmining family out of Monty 
Python, the dialogue out of Roy Of 
The Rovers, the son (Sean Bean) 
whose reaction to a family tragedy 
down tfpit is to give up t 'booze and 
become a football her 0. Actors 
bravely trying to transcend the 
material (Bean, Emily Lloyd) jostle 
with actors sinking helplessly into it 
(John McEnery with h«m oop-narth 
accent and unconvincing baldness- 
tonsure as Dad). 

The comedy French Twist stormed 
France under the title Gozon Mou- 
dit. Into the lives of beautiful Victo- 
ria Abril and her philandering bus- 
band Alain Chabat comes a 
swaggering, cigarillo-smoking 
female truck driver played by tile 


film's writer-director Josiane Bal- 
asko. She seduces Abril, reduces 
Chabat to gibbering jealousy and 
ends up sowing hard-earned peace, 
understanding and moral tolerance 
through a hitherto uptight house- 
hold. 

Only the French could make an 
anti-bourgeois farce that is bour- 
geois to its marrow. Every joke is 
cumbrously telegraphed; every wis- 
dom is wreathed in self-congratula- 
tion; and long before the end plausi- 
bility 1 has fallen on its sword, though 
we have a nasty feeling that the 
contrived gay encounter at the close 
is setting ns up for Gozon MuudxL 
Deux. 

* 

The world finds adjustments for 
every social or sexual setback. No 
longer allowed to exchange bodily 
substances, we gawp at them pruri- 
ently on screen. Juanmo Bajo Iflloa's 
Madre Muerta is a Spanish murder 
thriller containing sex, bloodlettings 
and two graphic urination scenes, 
not to forget - though you may try 
to - the most gruellingly explicit 
nappy-change in film history. 

But then the whole movie behaves 
like a Peeping Tom's charter. We 
spend much of it ogling the shackled 
distress of a mute mental patient 
(Ana Alvarez), who has been kid- 
napped by the man (Karra Elejalde) 
who once shot dead her father dur- 
ing a burglary. As a surviving wit- 
ness, the girl must be spirited away 
from her mental asylum to a Subur- 
ban-Gothic mansion where - accord- 
ing to the inviolable laws of 
Spanish cinema - every forlornly 
kinky thing imaginable must happen 
to the girl, the man and his lover 
(Lio). 

Bunuel might have made a master- 
piece. Signor Bajo Ulloa makes a 
mess that has moments. There are 
two clever suspense set-pieces, one 
involving an inspired directorial 
tease with a broken fightbulb. And 
there are hints of bleak wit in the 
dialogue: This is the first day in 
ages that we haven’t quarrelled. You 
should kidnap people more often.” 
says the girlfriend. But the film runs 
out of variations before It has begun 
seriously to explore its theme. When 
three people are trapped to a crimi- 
nal mSnage d trots, we should surely 
believe in the psychology of the situ- 
ation before we start playing games 
with its logistics. 

* 

At the IGA, A Boy's Life is a pro- 
gramme Of three prize-winning 
shorts about gay life. The most high- 
ly-decorated is Trevor, which won an 



Crazy-paved paranoia: Ralph Fiennes and Angela Bassett in “Strange Days* 


Oscar for its disingenuously deadpan 
comedy of teenage growing pains. 
The weakest is Raoul O'Conndl's A 
Friend Of Dorothy, the adventures of 
a shy male wallflower to university. 


Spanked, in which the director of 
Poison composes a funny, venomed 
fable about parental intolerance. 

A young boy, booked on a Lucille 
Ball-style comedienne (the period TV 


The best is Todd Haynes’ DotUe Gets pastiches are brilliant), is sternly so. 


discouraged by his father. Can sit- 
com divas make you a homosexual? 
Only if you encourage them, sug- 
gests Haynes, and mindless bigotry 
from our elders is one way of doing 


Post-modern drama at its lightest 

Alastair Macaulay reviews new plays from the US in Nottingham and London 


W hen American 
plays cross the 
Atlantic, they 
usually arrive to 
London, or maybe at the Edin- 
burgh Festival. Congratula- 
tions, therefore, to the Notting- 
ham Playhouse for giving 
Britain Its first view of six 
short plays by the American 
playwright David Ives, AH in 
the Timing, which enjoyed a 
sell-out run off-Broadway. 

The Nottingham staging, by 
Hugh Woolridge, is excellent; it 
features the TV comedians 
Punt & Dennis; Francis 
O'Connor’s designs are superb; 
one play. Degas - C’est Moi, is 
receiving its world premiere; 
and all six plays prove inge- 
nious, fanny, frequently inven- 
tive with dramatic form The 
evening is post-modernism at 
its lightest, with humour aris- 
ing from often serious thought 
on matters ontological, episte- 
mological, linguistic. At sev- 
eral points, I wondered if Ives 
was not the cleverest play- 
wright to have come along 


since the younger and more 
heartless Tom Stoppard. 

He has a - What if. . .7" mind. 
In the first play, Sure Thing, a 
man starts to make conversa- 
tion with a woman at a New 
York cafe, and the play is 
made up of the multiple ways 
their conversation could go, all 
save one of them disastrous, 
each wrong one stopped by a 
bell. like a round of boxing. 
Slick stuff; yet. as it proceeds, 
a sad point emerges: bow ludi- 
crously hard it is to find a soul- 
mate in the sophisticated mod- 
em world. 

The second play shows three 
chimpanzee-children in a 
schoolroom-laboratory bashing 
at typewriters: scientists are 
waiting to see if/when one of 
them will write Hamlet. The 
jokes here are funny at the 


time, bat the sad central joke 
is simply about the extreme 
chanciness of artistic inspira- 
tion. The Universal Language 
is frill of delicious light squibs 
in which the invention of a 
nonsense “universal” language 
brings two people together. 

I n Degas - C’est Moi, a 
young New Yorker spends 
a day erf his life “being" 
Degas, sometimes recog- 
nised, usually ignored. As the 
play ends, just after the hero 
has lost bis belief in being 
Degas, something utterly 
Degas-like happens to his own 
home. The Philadelphia is 
about the alternate ways that 
the disappointments of every- 
day life hit you. And in Varia- 
tions on the Death of Trotsky 
the bell device returns: Trotsky 


to Mexico, with an axe planted 
to his skull yesterday, is told 
by his wife that today, accord- 
ing to the encyclopaedia, is the 
day of bis death. He is seen 
reacting in several different 
ways to the news (aft of them 
funny). 

The humour of the plays is 
accessible, the meanings none 
too obscure, but their sum 
total? Early on, Ives struck me 
as a true original; afterwards, 
however, he struck me as too 
like all those other post-mod 
wise-guys. I wanted a greater 
dash, amid Ives's Encyclopae- 
dia of the World in Six Plays, 
of human poignance. 

Still, the Nottingham Play- 
house makes an excellent case 
for him. The American accents 
are good. Steve Punt and Hugh 
Dennis prove themselves ver- 


satile, skilful, endearing; and 
Debra Beaumont and Mabel 
Aitken are no less fine. Wool- 
ridge's direction gives every- 
thing a brisk New York pace 
and light dry tone. O'Connor's 
basic set is itself beautiful, in a 
gorgeous deep twilight blue, 
with the figures from a clock- 
face deranged here and there 
in gold. Nothing about this 
play or its production is ever 
ponderous. 

M eanwhile, another 
new American 
play, not dissimi- 
lar, is being 
given, also in a very good per- 
formance. to London at River- 
side Studio 3. Laughing Wild, 
by Christopher Durang, is also 
light in tone, ironically light 
even about the psychological 


disturbance of its two charac- 
ters - one female, one male. 

It starts out as two one-per- 
son plays - each monologue a 
good 30 minutes long, and full 
of references to New York 
urban life today. Then it shows 
us different scenes for both 
characters together - includ- 
ing, very like Ives, several 
optional versions, only one of 
which has a happy ending. 

Durang’s writing is more 
psychological than Ives; be 
even overlaps the dream-lives 
of his two characters. The oxy- 
moron of his title is soon 
apparent The play’s heroine, 
condemned to Laugh wildly in 
personal torment and to find 
only dissatisfaction in sex and 
to human colloquy, could be 
Wagner’s Sundry, updated and 
played for comedy. The hero. 


an uptight anxiety freak, is 
better yet 

As an exercise to virtuoso 
acting. Laughing Wild is ter- 
rific. The actor Henry Good- 
man directs his two South Afri- 
can compatriots Fiona Ramsay 
and Warren Kfanm eL Impecca- 
bly they show you every hit of 
the psychological bizarrerie of 
these two New Yorkers; and at 
the same time they distance 
you from it. Your distance 
from them is what keeps the 
play interesting and funny; 
and it is. I suppose, Durang’s 
true point 

These post-modern writers 
are far less heartless than they 
would have us suppose. In 
modern life, we keep our 
hearts under wraps; in 
Laughing Wild, the degree to 
which the man and the woman 
open their hearts makes them 
peculiar, absurd, ironic. 


Alim the Timing-. Nottingham 
Playhouse until March 16. 
Laughing Wild : Riverside Stu- 
dio 3 until March 17. 


Ballet 

Crime 
Fictions 

ith his new Crime 
Fictions - at Sad- 
ler’s Well’s this 
week - Kim 
Brandstrnp returns to the 
question of dance-narrative 
which has so fascinated him to 
previous works. How to tell a 
story in movement, without 
the blankest literalism, is here 
cast as a tribute to the genre 
of film noir. The shadows and 
evasions, the uncertainties 
and tensions of such films as 
The Big Sleep and Farewell My 
Looely provide the background 
for the action. Chandler-esque 
characters - The Patriarch 
and his new young wife; his 
sons and family: two servants 
- play out a murder mystery 
which we are shown through 
differing and highly subjective 
evidence. 

The trick is a good one. The 
action is neatly dove-tailed. 
The camera-angles, the varied 
accounts of what happened, 
shift and interlock and fail to 
interlock in approved fashion. 
The undercurrent to the piece 
is, though, not only how the 
tale is told, but the moral 
implications of truth-telling 
and false accusation. In the 
first half of the piece we see a 
family under the dominant 
thumb of the Patriarch (Mark 
Ashman: very fine) whose 
murder is both crime and 
excuse for fiction - the fic- 
tions of the rest of the cast In 
port two, we are shown the 
truth - if it is a truth - about 
the killing, and a thumpingly 
false accusation. The resolu- 
tion of the piece is that the 
crime is not resolved: guilt 
hangs heavy in the air at cur- 
tain fafiL The reasons for the 
murder are plain: the internal 
conflicts which might make 
each member of the cast gmlty 
are no less clear in choreogra- 
phy which is fluent and sharp- 
edged in dynamics. 

Brandstrnp turns again to 
his favoured collaborators. 
There is admirable and admi- 
rably simple design by Craig 
Givens: a panorama of hills 
masked by Venetian blinds; 
costuming is less stylish than 
Hollywood precedent demands 
(the glamorous wife has a coat 
that should be mink and is 
hearth-rug - Claire Trevor 
would have put her foot down 
about that). Ian Dearden’s 
score has the right shadows of 
menace. The artists of Brand- 
strup’s Arc Dance troupe are 
very good, most notably Ken- 
neth Tharp, whose final scene 
breaks the otherwise ultra- 
sty Used manner of the chore- 
ography. Because the films 
that inspired the piece had an 
almost Noh-like formality - 
the actors moving along pre- 
destined p a t h s, playing roles 
whose surprises were in con- 
volutions of plot rather than 
of feeling - the raw emotion 
which Brandstrnp gives 
Tharp, and which Tharp so 
brilliantly exposes, shifts the 
balance of the piece in its last 
scene. For a shocking moment, 
we face truth, not play-acting 
fiction. I s u ppo se that this is 
Brandstrup’s final trick in a 
clever piece. It is, thanks to 
Kenneth Tharp’s interpreta- 
tive power, also profoundly 
moving. 

dement Crisp 

Arc Dance is at Sadler’s Wells 
until March 2 with Crime Fic- 
tions. Then the company tours 
to Edinburgh, Oxford, Read- 
ing, Denmark, until the end of 
March. Sponsored by Daniel 
Katz and Marks and Spencer. 




■ ADELAIDE 

EXHIBITION 

Art Gafiery of South Australia 
Tel: 61-8-2077000 
• Australian Decorative Arts: 
1940s- 1990s: the Art Gallery of 
South Australia’s collection of 
decorative arts from the 1940s to 
the 'present day includes furniture,' 
ceramics,, glass, metalwork and 
jewellery: from Mar. 1 to jun 7. 


■ BERLIN 

CONCERT 

Koraerthaus 

Tel: 49-30-2030921 00/01 

• Phflhamx>ntsches Orchester des 
Staatstheaters Cottbus: conductor 
Refnharti Petersen and pianist 
Friedrich HOricke perform Liszt’s 
Orpheus; Chopsft Piano Concerto 
No.1, and Haydn's Symphony 

No. 104 bn D‘ (London); 8pm; Mar 2. 
OPERA"' 

Komische Oper Tel: 49-30-202600 

• La Bohfima by Puccini. 
Conducted by Shao-Chia LO and 
performed by foe Komfechs Open 
Soloists include Ottenthal, Korovina, 


George, Mewes, Hellrruch and 
Grabowski; 7.30pm; Mar 1. 


■ BRUSSELS 

CONCERT 

Cirque Royal Teh 32-2-2162015 
• Michel Fugain: performance by 
the French singer 8pm; Mar 1. 


■ CAPE TOWN 

JAZZ & BUJES 
Nico Theatre Complex 

Tet 27-21-215470 
• Maynard Ferguson and Bruce 
Cassidy: with the Big Bop Nouveau 
Band. Part of the International Jazz 
Festival; 830pm; Mar 2. 


■ COLOGNE 

CONCERT 
KdlnerPhUharmonkr 
Tel: 49-221-2040820 
• Das Neue Orchester. with 
conductor Christoph Spering. 
Mendelssohn's Psalm 42, Op.42 and 
Mozart's Mass No.1 8 In C minor; 
11am; Mar 3. 


■ DRESDEN 

OPERA 

SSchsfeche Staatsoper Dresden 
Tel: 49-351-49110 
• Capriccio: by R. Strauss. 
Conducted by Christof Prick and 
performed by the sachateche 
Staatsoper Dresden. 7.30pm; Mar 2. 


■ GHENT 

exhibition 
M useum voor Storkunst 
Tel: 32-9-2256676 

• isteTriennale voor Vormgeving 


In Vlaanderen: focusing cm 
contemporary Flemish design; to 
Mar 3. 


■ HELSINKI 

DANCE 

Opera House Tel: 358-0-403021 
• Swan Lake: a choreography by 
Bourmeister after Petipa/Ivanov to 
musk; by Tchaikovsky, performed by 
the Helsinki Ballet; 7pm; Mar 2 


■ HOUSTON 

EXHIBITION 
Museum of Fine Arts 
Tel: 1-713-639-7300 
• The Texas Collection of the 
Museum of Fine Arts, Houston: 
Texas Modem and Post-Modem: 
second exhibition in a series of two 
that offers an overview of toe 
museum's collection of Texas art; 
featuring artists allied with more 
Internationa! and modernist 
movements; to Mar 3. 


■ LEIPZIG 

OPERA 

Oper Leipzig Tel: 49-341-1261261 
• Salome: by R. Strauss. 
Conducted by Seffiiarth and 
performed by the Oper Leipzig and 
the Gewandhausorchester. Soloists 
include Nielsen, Sllja, Marked, Haix, 
Protschka, Struckmarm and Petzold; 
7pm; Mar 2. 


■ LONDON 

CONCERT 

Wlgmora Hal TeL- 44-171-9352141 
• Ralph Kirshbaum, Steven teserite, 
Peter Franklin and Juanita Lascarro: 
The programme includes works by 


Brahms, Falla, Debussy, Popper, 
Casals, Vi Ha- Lobos and Mozart/ 
Neary; 7.30pm; Mar 1. 

• The Purcell Quartet with soprano 
Catherine Bott and viola-player 
Jane Rogers perform Vivaldi's 
Laudato Pueri, In Furore Justisslmae 
tree, Al Santo Sepotcro, and 
variations on La FoUia. Op.1 No.1 2; 
7.30pm; Mar 2. 

POP MUSIC 
Royal Albert Hall 
Tel: 44-171-5898212 

• Eric Clapton: performance by the 
British guttarist/singer with an 11 
piece band; This is the 10th year 
that Clapton has taken up his winter 
residency at the Royal Albert Hail; 
7.30pm; to Mar 3 


■ LOS ANGELES 

CONCERT 
Schoenberg Haft 
Tet 1-310-825-2101 
• Menahem Pressler: recital by the 
pianrst; 8pm; Mar 2. 


■ MADRID 

CONCERT 

Aixfitorio Nacfonal de Musics 

Tel: 34-1-3370100 
• Orquesta Nacional de Espaha: 
with conductor Theo Alcantara and 
violinist Victor Martin perform 
Balboa’s Symphony No.1, 
Bernstein’s Serenade, and 
Tchaikovsky's Symphony No.5; 
7.30pm; Mar 1, 2, 3. 


■ MUNICH 

CONCERT 

PhBharmorae im Gastaig 
Tel: 49-89-48098625 
• MGnchner Philharmoniker with 


conductor Lothar Zagros ek and 
pianist Elena Bashkirowa perform 
works by R. Strauss, Beethoven and 
Bart 6k; 8pm; Mar 1, 2, 3. 


■ NEW YORK 

CONCERT 

Alice Tully Hall Tet 1-212-875-5050 

• International Hugo Wolf 
Academy: featuring soprano Benrta 
Vaiente, mezzo-soprano Mltsuko 
Shlrai, tenor Marcus Schafer and 
bass-baritone Peter Lika in an 
all-Schumann programme. They wfll 
be joined by the Academy’s director 
Hartmut Hfill, as well as pianist 
Kathryn Goodson, viola-player 
Tabea Zimmermarm and clarinettist 
Michael Collins. 2pm; Mar 3. 
Carnegie Hall Tet 1-212-247-7800 

• Wiener Philharmortiker with 
conductor Seiji Ozawa perform 
works by Mozart. Berg and Dvor6Jc 
8pm; Mar 1. 

EXHIBITION 

Museum of American Folk Art 
Tet 1-212-595-9533 

• Discovering EBis Ruley: exhibition 
featuring the paintings of the African 
American artist Ellis Ruley 
(1882-1959). From Mar 2 to Apr 28. 
OPERA 

Metropolitan Opera House 
Tel: 1-212-362-6000 

• Madama Butterfly: by Puccini. 
Performed by the Metropolitan 
Opera; 8pm; Mar 1. 


■ PARIS 

CONCERT 

Matson de Radio France 
Tel: 33-1 42 30 22 22 
• Orchestra National de France: 
with conductor Lawrence Foster and 
violinist Luc Hfiry perform Dutilleux's 


M6tabotes, L'arbre des songes and 
Symphony No.2 (La Double); Bpm; 
Mar 3. 

Th6fitre de la VIDe 
Tel: 33-1 42 74 22 77 
• Zhu Xiao-Mei: the pianist 
performs works by J.S. Bach and 
Schubert; 6pm; Mar 1. 


■ SAN DIEGO 

EXHIBITION 

San Diego Museum of Art 

Tel: 1-619-232-7931 
• James Rosenquist Time Dust, 
Complete Graphics 1962-1992: 
retrospective of the pop artist’s 
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More than 100 prints are displayed 
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10 


FINANCIAL TIMES THURSDAY FEBRUARY^ 1996 


COMMENT & ANALYSIS 



Samuel Britt an 


German cloud cast on UK 

The British slowdown still looks like a temporary stock adjustment, but economic 
difficulties elsewhere in the European Union are threatening prospects 


The indicators published so 
far this year still suggest that 
the UK economic slowdown 
remains a stock adjustment 
rather than anything more 
fundamental. 

Pinal demand has held up 
reasonably well. The latest 
estimate for non-oil real grass 
domestic product in the last 
quarter of 1995 is better than 
many expected. It shows an 
annual rate of increase of 
about 2 per cent per annu m . 
only slightly below the Trea- 
sury's estimates of trend 
growth. It remains a good deal 
too low in view of the wide 
gap between actual and poten- 
tial output. But it is well short 
of recession. 

Moreover, the straws in the 
wind for 1996 are modestly 
reassuring. The Confederation 
of British Industry’s Manufac- 
turing Trends Inquiry for Feb- 
ruary shows an improvement 
or smaller deterioration in 
four of the five questions 
asked. Even the usually 
gloomy House Builders Feder- 
ation reports “a positive start 
to the year” and a rise in site 
reservations. 

Looking ahead, even a s mall 
spending effect from the cash 
windfalls en route to British 
households - for instance, 
from building society capital 
distributions and redemptions 
of Tax-Exempt Special Savings 
Accounts - will sustain con- 
sumer demand. Mainstream 
forecasters expect growth to 
return to slightly above trend 
rates of 2‘.i to 3 per cent in the 
second half of 1996 and in 1997. 

This view is held even more 
emphatically by those ana- 
lysts who keep an eye on the 
broad money supply - that is 
cash plus deposits. Broad 
money is growing fairly rap- 
idly, not only in the UK but 
also in the USA and Japan, 
and recently even Germany. 
There are special factors 
which can explain rapid 
growth in each of them. But 
the common trend makes one 
wary. The fear is there will be 
a bad “re-entry”. This means 
the present slowdown will be 
succeeded by an excessively 
rapid expansion spilling over 


into inflationary pressure in 
two or three years’ time. 

The experience of money 
supply targetting does not 
suggest that anything more 
than vigilance is required. 
Periods, such as the early 
1980s in the UK. when rapid 
growth in broad money was 
accompanied by rapidly falling 
inflation and severe recession, 
show the folly of trying to fol- 
low monetary aggregates slav- 
ishly. On the other hand , the 
worldwide inflation of the 
1970s and the UK inflationary 
shock of the late 1980s are a 
few examples of the folly of 
pushing money supply aside 
altogether. 

A comparison by the Euro- 
pean Commission for Decem- 
ber shows the UK slowdown 
less marked than in other 
large European countries. 
Only Italy is doing better. 

Not only has real growth 
slowed down in leading indus- 
trial nations - and may in one 


or two countries now be nega- 
tive - but headline inflation is 
quite amazingly low. It is 
below 3 per cent in all the 
Group of Seven countries with 
the exception of Italy. In Ger- 
many, it is 1.5 per cent while 
Japan's prices are falling at 0.3 
per cent a year. 

If we put together slow real 
growth and very low inflation 
we see that nominal demand - 
total cash spending - is grow- 
ing in most countries more 
slowly than the 5 per cent 
annual rate which most cen- 
tral bankers believe to be the 
safe non-inflationary speed. 
Policymakers have already 
responded with several cuts in 
short-term interest rates. 

Many bond market watchers 
would stress the case far cau- 
tion in further easing, in view 
of the worldwide increase in 
bond yields over the last two 
or three months. 

The Bundesbank fears it 
would be counterproductive to 


Background to rising bond yields 


10-yoar benchmark bond yields 
Per cant 


Germany minus US 
10 -year bond yield di ffere nt ial 
0.8 



Res! effective doBar exchange tates 
1976=100 (relative wholesale prices) 
130 


0.6 

04 


- 0.2 

-04 


-06 

- 0.8 


Swiss Franc par D-Mark 



70 i I i l 1 l 1 I i 1 1 I 1 I « 1 i 

1076 79 82 85 88 81 94 

Sources: FT Extol. Oxford Economic Forecasting 


push monetary relaxation to 
the point where it provokes 
still further increases in 
long-term yields. It empha- 
sises that most German busi- 
. ness and home-purchase bor- 
rowing takes place at a 
medium and long-term rates. 

To which one can only 
respond: “up to a point". The 
expectations of people operat- 
ing in the bond market should 
be taken seriously as they are 
putting their own fortunes at 
risk - but they are still only 
forecasts. If their fears are 
belied by continuing evidence 
of low inflation, their expecta- 
tions will change too. 

Without provoking a head- 
long confrontation with bond 
markets, central bankers can 
help to lead short-term and 
long-term interest rates lower 
if they quietly persist in 
relaxation. 

They can do this so long as 
nominal demand is i ncreasing 
too slowly, and they satisfy 
financial markets they will 
quickly switch into reverse if 
and when the evidence 
changes. This, of course, is 
easier where central banks are 
independently accountable. 


In a fascinating article in The 
Times (February 22) Anatole 
Kaletsky argued that German 
bond yields are being 
adversely affected by a spe- 
cific effect ahead of European 
economic and monetary union 
- namely fear of being repaid 
in less valuable euros instead 
of marks. The accompanying 
chart shows German bond 
yields indeed rose above 
American ones in 1995, but 
that the peak differential was 
last June rather than in recent 
months when the most acute 
Emu fears were expressed. 

Nevertheless, there surely is 
an Emu effect, which is most 
clearly visible in a drift of Ger- 
man savings to Switzerland. 
German bonds have for some 
time yielded about 2 percent- 
age points more than Swiss 
ones, but the differential has 
been extremely volatile. The 
clearest sign has been the low 
and falling level of the D-Mark 


against the Swiss franc. It is 
doubtful whether the Swiss 
economy can absorb the full 
force of a flight of German 
funk money. Sooner or later 
any persistent and deepseated 
weakening of confidence in 
the German currency is likely 
to have an effect on the 
D-Mark-doflar rate. 

Some observers have expec- 
ted a world currency realign 
ment to come from a market 
realisation that the dollar is 
undervalued. But this is 
anbther belief that needs 
checking against the evidence. 
For as the chart shows, the 
real dollar exchange rate is 
only low against indices, such 
as the IMF one, which are 
based on a handful of indus- 
trial countries and leave out 
nations accounting for some 
40 per cent of US trade. More 
broadly based indices, like the 
Dallas Federal Reserve Bank, 
show the real effective rate for 
the dollar has changed little 
since the 1987 Louvre Accord. 

Any shakeout in the 
D-Mark-doilar rate is thus 
more likely to start from the 
side of the D-Mark. Such a loss 
of confidence in the currency 
would not be pleasant while it 
lasted but it still might fur- 
nish the shot in the arm the 
German economy needs and 
provide a breathing space to 
get on with more fundamental 
reform of the labour markets 
and the regulatory system. 

The best way of getting rid 
of the Emu effect would be if 
one of the rumours of a secret 
agreement to merge the 
D-Mark and the French franc 
overnight proved correct. 

A euro starting in this way 
would have the best possible 
send-off And in any case, the 
reality would be seen by the 
markets to be less threatening 
than the current vague 
fears. 

Alas, any such development 
remains a wistful dream. The 
reality is German leaders are 
not prepared either to jettison 
Emu or implement it over- 
night. but pledged to travel 
ploddingly along the Maas- 
tricht route. Meanwhile, we 
will hare to muddle through. 



BOOK REVIEW • Anders Aslnnd 

SOCIALISM, CAPITALISM, TRANSFORMATION: 

By Leszek Balcerowicz 

Central European University Press, 377pp, £37.50 (£14.99 

A shock therapist’s 
radical prescription 



Six years ago 
Poland was an 
eastern Euro- 
pean basket 
case, suffering 
hyperinflation, 
defaulting on its international 
debts, and seemingly on the 
brink of starvation. Yet today, 
the Polish economy is the most 
dynamic in Europe (apart from 
Albania’s) with a growth rate 
of 7 per cent a year. How could 
this economic wonder have 
happened? 

The turning point was the 
"Balcerowicz programme", 
launched in January 1990 by 
Leszek Balcerowicz, minister of 
finance and deputy prime min- 
ister in the country’s first non- 
socialist post-war government 
Its author, a young Warsaw 
professor of economics, became 
known as the “father of shock 
therapy'’ as a result of the pro- 
gramme’s immediate effects on 
the Polish economy. 

In this book. Prof Balcerow- 
icz brings together 17 academic 
articles that summarise his 
research on the process of radi- 
cal economic transformation 
(as be prefers to describe his 
programme). It is an impres- 
sive volume which makes a 
convincing case for the past- 
communist transition to be as 
rapid as possible. 

One reason for preferring a 
radical approach was the fail- 
ure of many attempts to 
reform socialism. Since the 
socialist system was all -em- 
bracing, minor reforms were 
invariably reversed. Balcerow- 
icz’s early conclusion was that 
reform must be sufficiently 
far-reaching to break out of the 
socialist system. 

Another reason was psycho- 
logical. People find it easier to 
accept that a change is irre- 
versible if it is radical. Slow 
reform brings the political dan- 
ger of losing direction, ending 
in policy reversal. 

When Balcerowicz was cata- 
pulted into power, his immedi- 
ate concern was to control 
hyperinflation and deal with 
rampant shortages. He saw no 


choice but to end controls on 
nearly all prices, make the 
currency almost convertible, 
balance the budget and impose 
a strict monetary policy. 
Within a couple of weeks, the 
streets were hill of goods; after 
two months inflation was 
under control - though it 
remained too high. 

The programme ran into 
fierce opposition, as the econ- 
omy contracted and unemploy- 
ment mounted - but it 
returned Poland to economic 
growth in 1992. before other 
central European countries. 
Reformers in the former Soviet 
Union who adopted a more 
hesitant approach are still 
waiting for an upturn. 

In hindsight, Polish eco- 
nomic performance looks much 
better. Gross domestic product 
appears to have fallen by 
between 5 per cent and 10 per 
cent in 1990 and 1991, less than 
anywhere else in the region. In 
Romania, which opted for grad- 
ual reform, GDP fell by more 
than 30 per cent after the col- 
lapse of communism. 

The author emphasises the 
connections between elements 
of his reform package. When 
domestic prices were liberal- 
ised. foreign competition was 
needed to introduce competi- 
tion swiftly, and that needed a 
high degree of currency con- 
vertibility early on. Lifting 
restrictions on private enter- 
prises was also vital to create 
new domestic competition. 

Many argue that privatisa- 
tion of state enterprises should 
have been given priority. Bal- 
cerowicz agrees, but points out 
that privatisation takes time - 
and can be accelerated by fast 
liber alisa tion and financial sta- 
bilisation. When state enter- 
prises ceased to receive govern- 
ment money, they were forced 
to sell or lease assets - creat- 
ing new private enterprises. He 
regrets that Poland's plans for 
large-scale privatisation have 
yet to succeed, but other forms 
of private enterprise have 
developed. 

Balcerowicz believes that 


institutional arrangementa are 
important in reinfordng his 
programme. The - Roltefc 
National Bank was indepen- 
dent from the outset and guar- 
anteed . monetary restraint 
Introducing currency compat- 
ibility and pegging . - the 
exchange, rate provided Other 
checks on economic policies. A 
large private sector "bow. 
secures the market economy 
against political reversals. :• : 

But one question that trou- 
bles Balcerowicz is fte rejec- 
tion of the Polish economic 
reformers in the 1993 r parlia- 
mentary and 1995 presidential 
elections. He believes the main 
problem was the split in 
Solidarity, the anti-conmradst 
movement, when Lech Walesa 
insisted on r unning for presi- 
dent in 1990 against the wishes 
of the Solidarity government 
led by Tadeusz Mazowiedd. 

Election campaigns during 
the early years of the transfor- 
mation to capitalism encour- 
aged demagogic attacks on the 
reforms. Although the national 
press largely supported the 
reform programme, television 
provided a powerful platform 
for the demagogues. 

The problem was not the eco- 
nomic reforms, but the politi- 
cal process - and Balcerowicz 
admits that the reformers were 
poor at propaganda Theywere 
not helped by the steady rise-af 
unemployment during the two 
first years of reform. - 
One point that should con- 
cern western Europeans, how- 
ever, is the conspicuous 
absence of the European Union 
from the Balcerowicz account 
- it is briefly mentioned twice. 
Although the EU provided 
early food aid, it was the US 
treasury and the International 
Monetary Fund which pro- 
moted the financial aid that 
underpinned Polish reforms. 

The author is senior associate 
of the Carnegie Endowment for 
International Peace in 
Washington, and an economic 
adviser to the Ukrainian 
government 


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- LETTERS TO THE EDITOR- P 

Number One Southwark Bridge; London SE1 9HL _ 1 : /P.pP 

We are keen to encourage letters from readers around the world. Letters may be faxe d to +44 171^873-5938 (please set fax V. 
to ‘fine’), e.mafl: Ietters.editor&fLcom Translation inaybe available for letters written in the main international Jar^piages, 

Irony of characterisation of failed Fed nominee 


From Mr Doug Hemcood. 

Sir, It has been amusing to 
watch the evolution of Michael 
Prowse’s love affair with 
America, or at least the 
Friedrich Hayek and Herbert 
Spencer-quoting part of this 
strange country. 

In his characterisation of the 
failed Federal Reserve nominee 
Mr Felix Rohatyn as “a 
passionate advocate of higher 
government spending” who 
makes the now-retired Alan 
Blinder look “moderate by 
comparison” (“Hat trick for 
Alan", February 26), Prowse 


utterly fell for the right-wing 
interpretation of Felix - 
one justified perhaps by a 
reading of his long, soporific 
“essays”, but not by his 
record. 

Let’s review that record. 
Rohatyn cut his political teeth 
devising an austerity plan for 
New York City after its 
mid-1970s fiscal crisis, and he 
supervised the city’s adherence 
to that plan for the better part 
of the next 20 years. 

That austerity plan was 
quite clearly the model for a 
variety of such schemes 


applied around the world, from 
Mexico in 1982 to Washington 
DC, our bankrupt capital city, 
in 1995. 

He also pioneered the 
reorganisation of supposedly 
democratic governments into 
entities run by and for their 
creditors. 

As an investment banker, 
Rohatyn has done nothing but 
m ake deals on a grand scale. 

He sat by Harold Geneen’s side 
in the 1960s as they jointly pat 
together ITT. 

He then served as 
matchmaker for GE and RCA, 


and countless other giant 
mergers of the last 20 years. 

It is a measure of how far to 
the right American politics 
have moved that someone like 
Rohatyn - a paragon of Wall 
Street orthodoxy - should be 
perceived by both Senators and 
visiting British columnists as 
divisive and radical 

Dong Hen wood, 
editor. 

Left Business Observer, 

250 W 85 St 

New York NY 10024-3217, 

US 


No maturity 
in arms sales 

From Mr John Otranto. 

Sir, Your courage in 
questioning the maturity of 
Britain's democracy (“A 
mature democracy”, February 
16) deserves admiration. Indeed 
the question could be asked of 
each democratic government 
engaged in the $800bn global 
aims trade. 

Clearly, any answer depends 
on the m eaning of "mature". 
Complete in natural growth; 
ripe; frilly developed in min d 
and body” is inadequate to 
deal with the moral and ethical 
issues here. The philosophical 
concept behind “mature” 
Involves control over satisfying 
immediate, base desires, and 
choosing elevated, more 
lasting goals over instant 
gratification. Developing 
will-control, including the 
process of discerning moral 

m eaning and opting for high er 

values, is the essence of 
“maturation”. 

How can it be mature to 
promote weapons sales when 
the brutality and killing 
associated with the tools of 
war are immoral? When 
defensive” can turn to 
"offensive", how can the sale 
of guns, bombs and war 
aircraft, for the satisfaction of 
profit, be considered other 
than morally bankrupt? Can 
there be any doubt that, before 
the world enjoys collective 
security, there must be global 
disarmament? 

John Otranto, 

Dammweg 3, 

35655 Grosshelfendorf, 

Germany 


Cost of UK job creation can be modest 


From Mr John Edmonds. 

Sir, Pamela Meadows’ 
Persona] View (February 27) 
about the opportunities of 
reducing unemployment was 
encouraging. However, we 
should not overstate the cost of 
job creation. 

Work by Roger Berry, 

Michael Kitson and Jonathan 
Michie for the Full 
Employment Forum shows lm 


frill time, well-paid jobs could 
be created at a net cost of less 
than 1.5 per cent of national 
income. A more modest plan 
for 500,000 25-hour week jobs in 
the public services would cost 
well under £2bn, according to 
research by Gerald Holtham 
and Ken Mayfaew far the think 
tank, the Institute of Public 
Policy Research. 

The cost of job creation is so 


modest because the cost of 
keeping people on the dole is 
so high - close to £10,000 for 
each unemployed claiman t 

John Edmonds, 
general-secretary, 

GMB Union, 

president. Full Employment 
Forum, 

22-24 Worple Road, 

London SW19 4DD, UK 


Pretence of Bank Interest rate forecasts 


From Prof KF. Wallis. 

Sir, Mervyn King (Letters, 
February 27) says that it 2s not 
the Bank of England’s job to 
publish an internally 
consistent forecast of the likely 
future course of interest rates 
and inflation, jointly. Rather, 
the Bank advises the 
chancellor of the exchequer on 
the likely consequences of 
leaving interest rates 
unchanged, and so only 
publishes a projection based on 
this assumption. But its 
Inflation Report then pretends 


that these projections are 
comparable with forecasts 
produced by other forecasters 
who are predicting both 
inflation and interest rates. 
This-is simply not true. And if 
the Bank won’t produce a joint 
forecast of interest rates and 
inflation, maybe the chancellor 
should. As Sir Terence Bums 
put it in his South Bank 
Business School lecture last 
December, “predictability and 
stability both make for a 
higher reading on any ‘feel 
good' index". 


Finally, yes. the Bank's 
openness about the range of 
uncertainty surrounding its 
projections and its attempts to 
quantify this are welcome. All 
forecasters should publish 
such information - on how 
well they've done in the past 
as the Treasury does, and how 
uncertain they are about the 
future. 

KJF. Wallis, 

professor of econometrics. 
University of Warwick 
Coventry CV4 7AL, UK 


Poor alternative to central bank independence 


From Mr Walter Grey. 

Sir, If Dr Bimal Prodhan 
(Letters, February 17/18) 
supposed, contrary to the 
Maastricht treaty, that 
countries intent on sharing a 
common" currency should 
“jettison the independence of 
central banks as an objective", 
then what, may one ask, is his 
preferred alternative? 

Are, on the record, 
politicians to be better trusted 


to look after their country’s 
true economic interest, and in 
particufar keep its currency 

safe and sound, at aU stages of 

the electoral cycle? And 
should, by much the same 
token, the independent 
judiciary too be given its 
inarching orders? 

A central bank’s 
independence from political 
control in the discharge of its 
statutory duties does not, of 


course, exclude pi up, 
accountability to par 
for its performance, i 
strategy of, say, pern 
low inflation as a pre 
of permanently posit 
is to carry the necess 

conviction. 

Walter Grey, 

12 Arden 
Finchley, 

loudon N3 3AN, UK 



FINANCIAL TIMES THURSDAY FEBRUARY 29 1996 


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Number One Southwark Bridge, London SE1 9HL 
Tel: +44 171-873 3000 Telex: 922186 Fax: +44 171-407 5700 

Thursday February 29 1996 

A last chance 
for peace 


It cannot be predicted with any 
confidence that the latest Anglo- 
Irish initiative will restore the 
recently-broken, peace to Northern 
Ireland. The suspicion of most offi- 
cials and ministers is that the IRA 
is one again set upon a long and 
bloody campaign of violence. But 
Mr John Major and Mr John Bru- 
ton, the UK and Irish prime minis- 
ters, were right to restore momen- 
tum to political negotiations. 

hi setting a firm date of June 10 
fa: all-party negotiations. London 
and Dublin will arouse suspicions 
that they have given in to the 
terrorists who have twice bombed 
London in the last few weeks. It 
would have been more damaging, 
however, to have abandoned in 
the face of the IRA campaign the 
search for a new political settle- 
ment in the province. That would 
have handed to the IRA an effec- 
tive veto over democracy. 

The road to the proposed negoti- 
ations will not be smooth. The 
planned intensive talks on the 
shape of . a new elected forum will 
throw up sharp differences not 
only between unionists and 
nationalists hut also between the 
two unionist parties. Mr Major 
might have to decide unilaterally 
on the form of elections. That 
would leave one or other of the 
parties nursing serious resent- 
ments. Meanwhile the proposal of 
the mainly-CathoZic SDLP for a 
simultaneous referendum has yet 
to be seriously debated. 

As for Sinn Fdin, the two gov- 
ernments have indicated that it 
will gain entry to the all-party 
talks only if the IRA restores its 


ceasefire. In the mnanrimo its con- 
tacts with the British and Irish 
governments will remain 
restricted to official level. 

Mr Major, however, has taken a 
considerable risk in accepting Mr 
Bruton's view that a new ceasefire 
should be the only precondition 
for Sinn Fein's entry into all-party i 
negotiations. If the bombing stops, 
Mr Gerry Adams, the Sinn Ffeto 
president, is now required to give 
an unequivocal commitment to 
exclusively democratic politics 
only at the start of negotiations 
rather than in advance. 

This is as far as any British gov- 
ernment could have gone in seek- 
ing to faring the Republican move- 
ment hack into a peace process. 
Many unionists will argue that it 
goes too tor. But it does have the 
merit of removing once and for all 
any pretence on the part of Mr 
Adams that he is being unfairly 
excluded from the political pro- 
cess. There can be no more 
excuses for bombs. Sinn Fein has 
been presented with a totally 
transparent choice between poli- 
tics and terrorism. 

In that respect, this latest initia- 
tive represents what one Irish offi- 
cial termed the two governments’ 
“best shot" in their efforts to pre- 
vent a return to violence, a last 
chance for peace. London and 
Dublin must be clear, however, 
that if the bombing does not stop, 
negotiations will go ahead without 
Sinn Fein. The message to the IRA 
is then that while it can exclude 
Republicans from the process it 
cannot prevent a new political set- 
tlement 


Oily mixture 


The motivation behind the new 
joint venture which British Petro- 
leum and Mobil announce today is 
not bard to spot it offers - in 
principle some respite from the 
ferociously competitive conditions 
of the ftrel market Yet the deal 
does not, on first analysis, appear 
to increase market power so much 
that competition, concerns are 
aroused. Tbe greater dangers to 
its success lie in implementation. 
There are successful precedents, 
but experience shows that such 
ventures can easily founder when 
partners spend too little time 
lubricating the inevitable points of 
friction. 

The plan to merge the down- 
stream operations of the two 
groups appears to be driven 
largely by the opportunity for cost 
cutting. The combination should 
dramatically streamline distribu- 
tion and ret ailing, allowing trim- 
ming of costs along the chain. It is 
possible, too, that the deal could 
give the new venture more power 
to raise prices in some regions. 
However, it is hard to imagine, 
given the vigour of competition, 
that this would be extensive. 

It also appears, on preliminary 
analysis, that overall market 
share does not arouse competition 
concerns. In the European market, 
industry estimates suggest tbe 
combination wiD have 12 per cent 
of the fa els market and 18 per cent 
of lubricants. In the UK retail 
market, estimates indicate it 
would have about a 16 per cent 
share, putting it after Exxon, 


which has about 19 per cent, and 
just ahead of Shell's 115 per cent 
In tbe UK commercial market it 
appears the venture would have 
just under 12 per cent, slightly 
ahead of Shell and Exxon. 

The greatest uncertainty is sim- 
ply whether the two partners have 
the will to overcome the inevitable 
strains of such a combination.: 
There are precedents for long-last- j 
mg partnerships in the oil indus- 
try. particularly upstream: not 
least Aram co, the world's largest 
oil producer, which began life in 
the 1930s as the Arabian American 
Oil Company. The US’s Caltex, 
itself a joint venture between 
Chevron and Texaco, last year 
formed Australian Petroleum by 
merging its own petroleum 
operations with those of Pioneer 
International. 

However, the changing distribu- 
tion of costs and profits within a 
longstanding partnership almost 
inevitably causes strains. Caltex ] 
last year pulled out of its 44-year 
joint venture with Nippon Oil, I 
which was only marginally profit- 
able even in good years. Caltex 
found itself shouldering much of 
the refining costs, while its part- 
ner retained full control over the 
more lucrative marketing end. 

Such examples emphasise the 
incentive to -cooperate in the oil 
industry; tough competition is the 
glue holding partnerships 
together. But once the immediate 
gains have been achieved, such 
combinations may prove an 
unstab le mixture. 


Mr Major in HK 


This weekend’s visit to Hong 
Kong by Mr John Major, XJK prime 
minister, is well-timed. With just 
undo: 500 days to go, the colony is 
entering the final stage of prepara- 
tions far its handover to China. Mr 
Major’s visit should set the tone 
far this last phase of British rule. 

The message he must take is 
that the UK cares as much about 
what happens to Hong Kong after 
1997 as it does about engineering a 
smooth and dignified exit That 
Britain will retain a duty of care 
towards Hong Kong after 1997 is 
written into its original agreement 
with China. This provided for 
meetings of the bilateral joint liai- 
son group to continue until the 
aid of the decade. Besides, as UK 
officials nowadays stress, British 
concern for Hong Kong is natural 
given its large investments there. 

Mr Major could emphasise 
1 Britain’s positive approach by 
, announcing that the UK will grant 
visa-free access to holders of the 
special passports that China will 
issue to Haag Kong residents after 
1997. The risks aresmaH. The con- 
ditions under which the passports 
will be issued are relatively tight, 

1 so there is little scope far abuse by 
mainland Chinese. But if the UK 
insists on visas, w™g Kon g may 
find it bard to get the new pass- 
port accepted by other countries. 
China would almost certainly 
impose visa requirements on visit- 
ing UK b usinessmen. That would 
be a bad start 

Mr Major could also take advan- 
tage of the Asia-Europe summit in 


Bangkok to secure a commitment 
from Vietnam to speed up reap- 
triation of boat people. Such a 
pledge would please both China, 
which is insistin g on the problem 
being dealt with before 1997. and 
the people of Hong Kong, who 
want to see the boat people move 
on. Were he to come with a deal 
on this as well as on visas, Mr 
Major would show definite proof 
of Bri tain 's willingness to work 
constructively on 1997. 

He could then permit himself 
some plain speaking on the consti- 
tutional issues. The UK is on deli- 
cate ground over China's plan to 
abolish the Legislative Council I 
elected last year under Governor 
Chris Patten’s democratic reforms. 
It must continue to oppose China’s 
plan, but try to avoid a row which 
would undermine practical 
arrangements fin* the handover. 

The best approach is to appeal 
to China's self-interest. Beijing, 
too, wants a successful handover, 
not least to promote its claim to 
Taiwan. But its hopes will almost 
certainly be dashed if it begins by 
unwinding existing legislation on 
human rights and dismantling 
LegCo- Britain cannot stop China 
from taking this course, but it can 
point to the price it will pay for 
abolishing an institution which is 
working effectively and enjoys 
popular support Mr Major should 
make the risks clear, both pri- 
vately in his meeting with Chi- 
nese Prime Minister Li Peng in 
Bangkok tonight and publicly 
when he arrives in Hong Kong. 


COMMENT & ANALYSIS 


Fiat: legacy of a 30-year reign 


Turnover (L OOObn) 

BO — 


Not profit (l OOObn) 

2 JS : 


Debt (L OOObn) 




IBM 91 B2 S3 94 95* 


1990 91 92 93 94 



Share price (Hre) 


Conors Romitf 


197974 75 78 77 78 79 SO Bl SZ U M K 
8owcas: FT ExtO. Compoiy amounts 



88 89 » 91 9Z 99 94 9886 


A big wheel but not yet global 

The departure of Giovanni Agnelli leaves Fiat still short of its ambition 
to be in the top league of carmakers, writes Robert Graham 

A t an emotional board main shareholder in Fiat, the part- Fiat The timing appeared linked to years. During this time, be and the rolling stock and publishing. Con- 

meeting at Fiat’s head- nership was able to act without continuing Investigations into Agnelli family wifi have to resolve a trary to a worldwide trend towards 

quarters in Turin yes ter- fearing reversal by the board or alleged corruption in the group and number of key issues. focusing on a limited range of prod- 

day, Mr Giovanni other shareholders. This was espe- its subsidiaries as part of the magls- One is the relationship between ucts. Fiat still prefers diversity. The 

Agnelli stepped down dally important when worker mili- tracy’s anti-corruption drive since the ownership of Fiat and manage- sole attempt at rationalisation was 


A t an emotional board 
meeting at Fiat’s head- 
quarters in Turin yester- 
day, Mr Giovanni 
Agnelli stepped down 
from the chairmanship after 30 
years at the helm of Italy’s largest 
private group. 

It is only the fourth change of 
chai rman in the 97 years of tbe 
automotive group's existence, a sta- 
bility that has helped Fiat to sur- 
vive political upheavals, economic 
crises and business downturns. Tbe 
band-over comes with the group 
back in profit after two tough years 
and with a 13 per cent share of the 
European car market on tbe back of 
three successful new models. 

But the core business of cars and 
trucks faces ever tougher competi- 
tion and Fiat has yet to demon- 
strate it can be one of the global 
carmakers. In the only farewell 
interview Mr Agnelli has given to 
an Italian newspaper, he only had 
one regret “My greatest disappoint- 
ment was not to be aisle to create a 
big automotive group in Europe.” 

His links with tbe company began 
in 1943 when he served an appren- 
ticeship at its Turin plant When he 
took up the reins as chairman in 
1966, he inherited a highly profit- 
able company. 

In the mid-1970s, he began a suc- 
cessful partnership with Mr Cesare 
Romiti. who succeeds him as chair- 
man for the next three years. Mr 
Romiti assumed the role of the 
tough manager willing to t ake on 
the unions and keep line manage- 
ment in shape. This enabled Mr 
Agnelli to deal with broader strat- 
egy, worry about the world car 
industry, open international doors 
and - when necessary - prod the 
Italian government of the day. 

”1 have never felt a subordinate to 
the ‘boss' Agnelli but always on the 
same level," Mr Romiti commented 
recently. “With L'awocato Ithe law- 
yer, the nickname by which Agnelli 
is generally known] there has been 
a perfect equilibrium.” 

Since Mr Agnelli was the senior 
member of the family that was tbe 


main shareholder in Fiat, the part- 
nership was able to act without 
fearing reversal by the board or 
other shareholders. This was espe- 
cially important when worker mili - 
fancy led to near anarchy in Fiat's 
Turin factories in the late 1970s; or 
when in 1993 the group had to raise 
LSJXJObn ($&2bn) and trim costs to 
meet a downturn in the car market 

Mr Agnelli, with his affable style 
and dear authority, personified Fiat 
in a way unique in international 
business. Thirty years at the head 
of a heavily diversified group with 
output equivalent to 4 per cent of 
gross domestic product and 240,000 
employees has converted him into 
the spokesman for Italian business. 
He is widely referred to as “the 
uncrowned king of Italy”. 

Mr Agnelli has made no secret of 
his desire to step down, especially 
after a heart by-pass operation last 
year. But the timing of his retire- 
ment announcement last December 
- with Mr Romiti’s move to the 
chairmanship - caught everyone by 
surprise, not least many within 


Fiat The timing appeared linked to 
continuing investigations into 
alleged corruption in the group and 
its subsidiaries as part of the magis- 
tracy’s anti-corruption drive since 
1992. Fiat, like all major Italian 
groups, has found itself involved in 
the corruption, scandals that have 
engulfed Kalian industry and poli- 
tics since 1992. 

At first company policy was to 
deny any involvement, but in 1993 
Mr Agnelli publicly admitted that 
Fiat had paid bribes to politicians 
over a decade. There was no sugges- 
tion he was directly involved and he 
is one of the few leading business- 
men not to have been implicated. 

Mr Romiti is under investigation 
far allegedly running a set of paral- 
lel accounts and making illicit pay- 
ments to political parties. Fiat 
watchers say Mr Agnelli's departure 
and Mr Romiti’s promotion was a 
way of demonstrating the family’s 
confidence in the managing direc- 
tor. However, his period as chair- 
man wifi be an Interregnum, with 
obligatory retirement in three 


years. During this time, be and the 
Agnelli family wifi have to resolve a 
number of key issues. 

One is the relationship between 
the ownership of Fiat and manage- 
ment. Fiat has four main sharehold- 
ers in addition to the Agnelli fam- 
ily. Alcatel, the French industrial 
group; Mediobanca, the powerful 
Milan merchant hank ; Generali, the 
insurance group; and Deutsche 
Bank. For any major decision, the 
Agnellis must have the harking of 
two of the four syndicate members - 
which they have always secured. 

However, the family appears 
determined to increase its holdings 
and is ready to buy the 2 per cent 
stake which Alcatel wants to selL 
Strengthening the family hold on 
such a large group is unlikely to 
appeal to other investors unless it 
becomes more open in its dealings. 

A second issue is the shape of 
Fiat and tbe extent to which it 
should concentrate on the automo- 
tive business. The group’s activities 
span aviation, chemicals, construc- 
tion. defence, insurance, railway 


rolling stock and publishing. Con- 
trary to a worldwide trend towards 
focusing on a limited range of prod- 
ucts, Fiat still prefers diversity. The 
sole attempt at rationalisation was 
last year’s plan to hive off its chem- 
ical and bio-engineering interests 
into Super-Gemtoa, a new group to 
be formed- with Ferruzzi-Montedi- 
son. However, this came to grief 
after shar eho lder criticism and the 
revelation of unexpected losses in 
one of the companies to be merged. 


T he third issue Is that of 
alliances in the motor 
business. Fiat has been 
involved in talks with 
several carmakers from 
other countries and there have been 
persistent rumours about a mar- 
riage with Renault of Fiance. But 
Mr Romiti appears to favour 
co-operation with foreign partners 
on specific projects, such as the new 
engine being developed with Ren- 
ault, rather than merger or cross 
shareholdings. 

Linked to future alliances is 
Fiat’s global presence as a car pro- 
ducer. Fiat has traditionally rooted 
the bulk of its production within 
Italy and has been slow to locate 
overseas with the exception of 
South America. In the past five 
years it has established a solid pres- 
ence in Poland with a view to cap- 
turing a share of the eastern Euro- 
pean market and it lays much store 
on the “global” car, called the pallo, 
to be produced in emerging markets 
such as Mexico and the Far East 
But it is not dear whether Fiat 
has the resources or the courage to 
begin thinking of heavy new invest- 
ments when it is just recovering 
from the huge effort of pulling out 
of the 1993 trough. 

Ultimately Fiat faces the chal- 
lenge of being less Italian and more 
international. But after Mr Agnelli's 
30 years at the helm, it remains a 
Turin-based company, recruiting 
largely from within. If Fiat is to 
become a global carmaker, the new 
generation at the top will have to 
resolve some of these questions. 


Managers for an interregnum 

T he key figure in the new Romiti, having been a hands-on the Alfa Romeo marque. 

Fiat management that chid executive, is likely to retain a Already being groomed far high 
took control yesterday is close interest in management His office is Giovanni Alberto Agnelli, 
Mr Paolo Cantarefia. mandate lasts until 1999. giving the 31-year-old son of Umberto. 


T he key figure in the new 
Fiat management that 
took control yesterday is 
Mr Paolo Cantarefia. 
Having proved himself an effec- 
tive overlord of Fiat’s car division, 
which accounts for half of group 
turnover, he has been promoted to 
chief executive officer. 

He wifi have broad responsibility 
for the co-ordination of all the 
group divisions, and will also have 
a band in strategy. 

The 52-year-old Mr Cantarella is 
an engineer by training and has 
always been interested in the tech- 
nical side of the motor business 
since joining Fiat to 1977. Be wQl 
be reporting to Mr Cesare RomitL 
whose role as chairman is unlikely 
to be as detached as that of the 
departing Mr Giovanni Agnelli. Mr 


RomitL having been a hands-on 
chief executive, is likely to retain a 
dose interest in management. His 
mandate lasts until 1999. giving 
him time to shape policies for the 
next century and prepare for- the 
next generation of Agnellis. 

Flat indicated yesterday that it 
would not he replacing Mr Giorgio 
Garuzzo, who resigned this week as 
the number three at Fiat 

When it came to promotion, he 
was passed over in favour of Mr 
Cantarella and left with some bit- 
terness, feeling that Mr Romiti had 
been given the credit for much of 
Us own work. 

In contrast, Mr Cantarella had a 
good working relationship with Mr 
Romiti, who attributes to him the 
success of the new Bravo and 
Brava models and a revamping of 


the Alfa Romeo marque. 

Already being groomed for high 
office is Giovanni Alberto Agnelli, 
the 31-year-old son of Umberto. 
Giovanni Agnelli's younger 
brother. The US-educated Giovanni 
Alberto is oo the Fiat board but is 
currently chief executive at Piag- 
gio. the motor-cycle producer, 
where he is reported to have 
impressed his peers. 

In theory, the next three years of 
Mr Romiti's interregnum would 
give him time to work himself into 
Fiat to assume the leadership in 
2000. Mr Romiti is only the second 
non-family member to be chairman 
since Fiat was founded. 

Another important new top man- 
ager is Mr Roberto Testore, who 
takes over responsibility for the 
cars division. Fiat Auto, 


BSE R V E R • 


No laughing 
matter 

■ So who said German humour 
was an oxymoron? At a lunch 
hosted by the Deutsche Bflrse in - 
London yesterday, German 
financial types were trading jokes 
like hot stocks. 

Frederick Hopson, a board 
member of Germany's Uuutotbanh - 
Hessen-ThGringen, told the one 
about .the Frenchman. German and 
Englishman all condemned to die. 
Asked for their last wishes, the ■ 
Frenchman wants a-meal, the 
German to make one last speech- . 
and the Brit to he executed before : 
the German speaks. \ ; - 

. Hopson, who had been invited to 
extol tbe virtues of the exchange’s 
electronic derivatives trading 
system, certainly had the last . 
laugh. He not only professed his 
preference fir open-outcry dealing; 
as practised by arch rival Lifle in . 
London, but also predicted that • 
London would become toe offshore 
, centre for trading in Europe, He 
may have upset his hosts - but at ■ 
least he!s backed his judgment by ' 
nmying to to a four storey house ; 
oo Regent's Park. 


Short-changed 

■ "Senior European financial 
directors say No to the European 
Union and a single currency” ■ 
tnmgiets a study published 


yesterday by a British-based ouffft 
called Hyperion Consultancy. 

_ But, before tbe UK’s 
Eurbscepticsget too excited, they 
had better read the survey - a few 
pages into which it emerges that 
almost half of tiie finance directors 
involved were actually neutral 
about a single currency. Nearly a 
third thought it would be good for - 
business. 

So was this a typing slip? Not 
quite, says Hyperion. Ip feet, most 
UK respondents had been 
lukewarm about a single currency. . 
However, the rest of Europe had 
- been broadly positive - a feet that 
did not quite come across in the 
eye-catching headline. 

“Maybe we have hot been totally 
murmur s - Richar d 
Hawksworth, Hyperion's 
marketing manager. Some 
European politicians might draw a 
rather more damni ng conclusion. 


Skulduggery 

■ So Chief Nicholas Gcaleka. a 
South African witch doctor, is 
finally frying home with the long 
lost skull of his great, greet uncle. 
EngHlfrtsa, which he found in the 
Scottish Hi ghlan ds. Is this really . 
fhA sirnii of the last vimcii 
monarch, or one of the great 
hoaxes of the decade? 

King Bints was killed by a 
British soldier during the cokahal 
-wars in the Eastern Cape 160 years 
ago and his head was said to. have . 
been taken hack to Britain as a 


souvenir by members of the 72nd 
Regiment, then based at Fort 
George. Inverness. Gcaleka says he. 
retrieved the skull from a remote 
cottage north of Inverness, and the 
British media has given hhu a . . 
sympathetic hearing. 

However, hack home to South 
Africa, the chief s trip to Britain 
has been, treated with some 
suspicion. Amos Philip, chairman 
of tbe Eastern Cape Traditional 
Medical Practitioners’ Association, 
says that there is "something fishy 
about all this skull-hunting”. 

. “First Gcaleka said that the skull 
-was at an army base, then to a 
forest, and now it has been found 
to an outbuilding'' says Philip. 
Sounds like Gcaleka might have to 
take a lie detector test - 


Do you read me? 

■ South Carofinahased Air South 
has written to Tampa International 
Airport to say it was “reorienting 
its structure to meet an updated 
hub bypass business plan strategy 
now being implemented.” Ending 
flights to Tampa, to other words. 


Chatterboxes 

■ The Europe/Asia summit which 
opens in Bangkok today is 
excellent news for interpreters. A 
veritable Ihwer of Babel is 
premised, with 17 languages to 
cater for - far more than even the 
United Nations is prepared to 


tolerate It is bringing work to 90 
translators. 

. Tbe product of their efforts wifi 
not, however, be exactly 
simultaneous. Under tortuously 
elaborate arrangements, European 
interpreter s will share tire load 
with their Asian colleagues. Thus 
when, for example, Vietnam’s 
prime minister Vo Van Eet is 
p wrtitjrafin^ m Vietnamese, his 
words will be translated first into 
English by an Asian interpreter 
and only then toto European 
languages like Finnish, and 
Pqrtag a ese.'PleDiy of scope for 
misunderstandings to that. Even 
tbe harassed officials who set up ' 
the deal admit there may be a 
“slight delay” in getting the 


Meanwhile, the .Thai 
government, which is hosting the 
meeting/basbadtohirel7 . 
addffionaLi ton rpreters' booths 
from Brahler, a German company; 
to equip the interpreters. The cost 
for just one and a half days is 
apparently a princely $250,000. 
Doubtless Braider knows to which 
language !© -deliver its invoice. 


Sensational work 

■ There seems no end to the 
Inventiveness of the mm to white 
dab) coats. Saties pharma giant 
ObarGeigy and fete ... 

Iharmaceidfcals of California are 
very prond aboui. their new way of 
discovering drugs, fr is called 
“a nti sense” technology. 


100 years ago 

The United States and Spain 
Washington:- The meeting of the 
Senate Committee on Foreign 
Relations resulted In more 
vigorous action concerning Cuba 
being decided upon than was 
expected. The Committee 
determined, after a debate, not to 
accept the resolution put 
forward by the House of 
Representatives' Committee on 
Foreign Affairs, but to adopt a 
stronger one in its place: 
“Resolved, that in the opinion of 
Congress a condition of war 
exists between the Government 
of Spain and the Government 
proclaimed some time since and 
maintained by force of arms by 
the people of Cuba, and that the 
United States of America should 
maintain neutrality between the 
contending powers.” 

Delayed certificates 
Letts- .to the Editor.- 1 think the 
- name of Randfbntein should be 
added to your list of companies 
withholding certificates from 
shareholders of many months’ 
standing. It appears to me that 
when there is active dwaHng in 
: the shares of a company, the 
transfer fees most amount to a 
considerable sum, and the 
question arises whether tbe 
rece^ a transfm- fee does not 
entail an bbfigation of the 
company to carry toe 
txansactim through to its final 
stage, namely the issuing of tiie 
certificate, " • 






OAG GRUPPE 

Ostenreichs Mark! fOhrerim SanitSr- und 
HeizungsgroBhandel. 



FINANCIAL TIMES 

Thursday February 29 1996 




it Shepherd 

DESIGN. MANAGEMENT. _ - : r 
CONSTRUCTION & ENGINEERWGT ' 

Tbl: 0171 495 5633 Fax: 0171495_B^ ;p 


Surprise Arizona victory deals blow to Dole 



Republican race is wide 
open after Forbes win 


By Patti Waldmefr in Washington 

The campaign for the Republican 
party's presidential nomination 
has been blown wide open by the 
surprise victory of Mr Steve 
Forbes, the millionair e publisher, 
in Tuesday's Arizona primary. 

The result dealt a further blow 
to the campaign of Senator Bob 
Dole, the Senate majority leader, 
who ran second to Mr Forbes in 
Arizona, although, he managed 
wins in lesser primaries in North 
and South Dakota. Mr Dole said 
victory In the next state vote, 
South Carolina on Saturday, was 
essential for the future of his 
candidacy. 

Mr Forbes, who had made Ari- 
zona the centrepiece of his cam- 
paign, won the winner- tab es-all 
poll with 33 per cent of the vote 
of registered Republicans. Mr 
Dole gained 30 per cent and Mr 
Pat Buchanan, the conservative 
commentator who drew enthusi- 
astic crowds in the state, polled 
third with 27 per cent Mr Lamar 
Alexander, former Tennessee 
governor, finished a distant 
fourth with 7 per cent. 


Exit polls showed Arizona vot- 
ers preferred Mr Forbes for his 
proposal to introduce a flat-rate 
income tax, with many moder- 
ates choosing him over Mr Dole. 
Mr Buchanan’s protectionist and 
isolationist policies were rejected 
by many voters, who said be was 
too extreme to be president 

In North Dakota, In Mr Dole's 
native Midwest, he won with 42 
per cent of the vote, weD ahead of 
Mr Forbes, who came second, and 
Mr Buchanan. In South Dakota, 
Mr Dole won with 45 per cent of 
the vote, trailed by Mr Buchanan 
in second place and Mr Forbes. 
Mr Alexander polled only single 
figures in both states. 

Mr Dale could scarcely contain 
his annoyance at Mr Forbes’s 
strong showing in Arizona. "The 
guy's trying to buy the election,” 
he said. 

An obviously deflated Mr Buch- 
anan, noting that Mr Forbes 
spent $4m on television advertis- 
ing in the state to win 11L000 
votes, complained: “Clearly our 
momentum is not enough to 
overcome $40 a vote.” 

The Arizona result has made 


the race, once considered an easy 
ride for Mr Dole, more unpredict- 
able as it enters a period of 
extraordinary intensity, with 22 
states voting before the end of 
March. Mr Dole, Mr Buchanan, 
Mr Forbes and Mr Alexander can 
all credibly claim they have a 
chance at the nomination. 

Voter support, as reflected by 
opinion polls, has shown high 
volatility. Mr Forbes shot to 
prominence before the Iowa cau- 
cus, sank to obscurity after it and 
has now regained his footing. Mr 
Buchanan soared on the back of 
a strong Iowa showing to win the 
primary in New Hampshire, only 
to sink again on the basis of his 
third place finish in Arizona. 

Mr Alexander, once viewed as 
the main moderate challenger to 
Mr Dole, has temporarily faded 
from view after his poor fourth in 
Arizona. 

After Arizona, Mr Forbes can 
again claim first place in terms of 
campaign momentum. But it is 
unclear whether he cp n maintain 
that momentum in the south. 


No star is bom. Page 6 


Date set for 
all-party 
Ulster talks 

Continued from Page 1 


recent bombings in London, Mr 
David Wilshire, vice-chairman of 
the Tory backbench Northern 
Ireland committee, described the 
proposals as “another Munich”. 

UK ministers, he said, had sur- 
rendered the principle that para- 
military arms decommissioning 
should begin in parallel with the 
talks. “I see this as capitulation 
and appeasement”, he said. 

In parliament Kir Major rejec- 
ted any suggestion that the gov- 
ernment was selling out. “It is 
perfectly time that I could stay in 
a trench and set up 100 good 
reasons for doing nothing,” be 
said. “Were I to do that, my suc- 
cessors would still be standing 
here in 50 years time in the same 
trench.” 

There was a sceptical reaction 
from Mr David Trimble, leader of 
Northern Ireland’s biggest party, 
the Ulster Unionists. He said he 
would be unable to sit down in 
the same room as Stan F4ta until 
it had accepted the Mitchell 
recommendations and the IRA 
had begun to address the ques- 
tion of decommissioning. 

The two governments made 
their commitment to a firm start 
date for talks following strong 
representations from Mr John 
Hume, leader of the SDLP, that 
such a move would persuade the 
IRA to renew the ceasefire. 

Mr Gerry Adams, Sinn F6in’s 
leader, gave only a cautious wel- 
come to the proposals. “Many 
will remain sceptical of this com- 
mitment in the context of British 
bad faith and stalling,” he said. 


Japanese bankers 
urged to quit over 
housing loan groups 


By Gerard Baker in Tokyo 

The Japanese government 
yesterday raised the prospect of a 
mass resignation by top execu- 
tives at Japan's leading banks 
when it urged them to take 
greater responsibility for their 
role in the collapse of the coun- 
try's bankrupt bousing loan com- 
panies or jusen. 

At a meeting with the leaders 
of some of the largest lenders, Mr 
Tadashi Ogawa, the most senior 
official at the finance ministry, 
suggested managements of the 
banks that had founded the hous- 
ing loan companies should reflect 
on their responsibility and act 
accordingly. Ministry officials 
confirmed the subtle phraseology 
usually meant resignation. 

But bankers seemed reluctant 
to comply with the request Mr 
Toru Hashimoto, president of 
Fuji Rank and chairman of the 
Federation of Bankers Associa- 
tions, said the banks bad already 
done all they could to acknowl- 
edge their responsibility. 

In Japan, corporate responsibil- 
ity for publicly shaming inci- 
dents is usually expiated by res- 
ignations of the top management 
of the company. But in the jusen 
case such a move would be 
tricky. More than 100 of the conn- 
try's banks were involved in 
founding the jusen, including 
nearly all 21 biggest banks. 

The government La anxious to 
deflect public criticism of its 
planned bailout of the housing 


loan companies which have col- 
lapsed under a pile of non-per- 
forming loans. It has agreed to 
spend Y685bn ($6.4bn) towards 
their liquidation, a move that is 
deeply unpopular among the Jap- 
anese public. An opinion poll in a 
national newspaper yesterday 
suggested 87 per cent of voters 
were opposed to the plan, which 
must be approved by parliament 
in the next few weeks. 

Mr Ogawa said he had merely 
been conveying the views of Mr 
Wataru Kubo, finance minister, 
who in the past few days has 
made a series of attempts to 
coerce hanks to shoulder more of 
the blame. 

On Monday he suggested they 
should be required to contribute 
mare money to the planned liqui- 
dation and on Tuesday he 
appeared to demand the manage- 
ments’ mass resignations. Yester- 
day Mr Kubo said he would con- 
sider using legal measures to 
force them to take action. 

But the banks, which are 
required to write off more than 
Y5,000bn in loans to the jusen , 
have said they cannot accept any 
additional contribution. 

Although the resignations are 
usually symbolic, with the execu- 
tive continuing to serve in an 
advisory capacity, the prospect of 
a wave of senior management 
changes would be unnerving for 
Japan’s financial confidence. 

Japanese financial crisis hits 
Eqmon, Page 13 


Russia to 
put lower 
priority 
on state 
sell-offs 

By John ThomhiH tn Moscow 

Privatisation is to have a lower 
priority In Russia, the govern- 
ment indicated yesterday, raising 
the possibility there may be no 
sell-off programme this year. 

Mr Alexander Kazakov, who 
became head of Russia's state 
property committee late last 
year, said his chief challenges 
were to develop stock market 
Infrastructure, enforce share- 
holder rights and manage state 
property more effectively. 

"The strategic policy of privati- 
sation has not been abolished but 
privatisation will no longer be a 
priority of the committee as it 
was for my predecessors.” he 
said. 

Mr Kazakov’s comments sit 
oddly with commitments the 
Russian government made last 
week to press ahead with privati- 
sation in its agreement with the 
International Monetary Fund on 
a $10.2bn loan. They also raise 
questions about the govern- 
ment's ability to finance its bud- 
get deficit this year. 

Senior western economists in 
Moscow last night expressed sur- 
prise at Mr Kazakov's state- 
ments. “I do not know whether 
his views were for political con- 
sumption or whether yon should 
interpret them as a fundamental 
shift,” said one. 

In Moscow last week Mr Michel 
Camdessus, IMF managing direc- 
tor, stressed that continuing 
progress on privatising state 
assets was an important part of 
the reform progr amm e agreed 
with Moscow. The programme 
ruled out any “backtracking in 
this domain” . he said. 

Mr Kazakov said the govern- 
ment would learn lessons from 
its “shares-for-loans” privatisa- 
tion programme, which provoked 
a storm of controversy last year, 
and hinted that some of these 
deals might even be reversed. 

He said it was “inexpedient" to 
continue privatising companies 
by transferring state sharehold- 
ings to a clique of banks in 
return for loans. The government 
would try to sell companies on a 
more considered case-by-case 
basis. 

Mr Kazakov was closely 
involved with Russia's original 
mass privatisation programme, 
which was spearheaded by the 
state property committee, and his 
appointment was viewed as a sop 
to the government's reformist 
wing. 

Financial analysts said it 
would make tactical sense for the 
government to delay big major 
privatisations until after June’s 
presidential election as asset 
prices remain depressed. 

But the government will 
remain under pressure to raise 
money from privatisation sales 
later this year. The 1996 federal 
budget includes privatisation 
receipts of about Rbsl2,400bn 
($2.58bn),or almost 4 per cent of 
total budget revenues. 


FT WEATHER GUIDE 


Europe today 

Snow will cover the Norwegian mountains 
and sleet will fall along the west coast of 
Sweden. A high pressure system stretching 
from the west of Ireland towards the Low 
Countries will bring sunny conditions to the 
British Isles and the Benelux. Showers will 
occur in Scotland and the northern 
Benelux. Franca and Spain wiH be sunny 
but low pressure aver the Atlantic will 
cause rain in Portugal. Showers will 
develop over south-eastern Italy and south- 
western Turkey. Rain will faff in Greece. 

Five-day forecast 

K will rein in Turkey during the next couple 
of days. Snow will fall over parts of eastern 
Europe and the Alps. A high pressure 
system west of Ireland will promote sunny 
conditions in the British Isles but there will 
be showers in the north. 






TontrsianuninB 


Situation at 12 GMT. Temperatures madman tar day. Forecasts by Meteo Consult of the Netherlands 



Maximum 

Beijing 

Sun 

6 

Caracas 

dandy 

30 

Faro 

rah 

15 

Madrid 

fab- 

14 

Rangoon 

Reykjavik 

sm 

33 


Cabins 

Belfast 

fa* 

9 

Conan 

sun 

8 

Frankfurt 

tor 

5 

Majorca 

fair 

16 

rain 

7 

Abu Dhabi 

cloudy 29 

Belgrade 

sun 

4 

CBsabtanca 

rain 

IB 

Geneva 

tor 

7 

Malta 

shower 

14 

Rio 

doudy 

31 

Accra 

fair 32 

Berlin 

fair 

3 

Chicago 

an 

-3 

Gbraltar 

shower 

15 

Manchester 

sun 

9 

Rome 

sin 

12 

AJfltora 

shower 15 

Bermuda 

Shower 

22 

COJoraw 

fair 

5 

Glasgow 

tor 

11 

Marita 

cloudy 

30 

S. Freco 

rain 

13 

Amsterdam 

tfr 7 

Bogota 

cloudy 

21 

Oskar 

sun 

24 

Hamburg 

shower 

5 

Melbourne 

cloudy 

20 

seoij 

rabi 

7 

Athens 

min 10 

Bombay 

sun 

30 

Dallas 

rah 

7 

HeteWd 

snow 

-2 

Mexico City 

sun 

26 

Singapore 

fair 

31 

Atlanta 

fair 8 

Brussels 

tor 

B 

DbW 

sun 

26 

Hong Kong 


18 

Miami 

fair 

24 

Stockholm 

snow 

1 

3. Aires 

fair 28 

Budapest 

8UI 

2 

Dubai 

cloudy 

28 

HemoMu 

28 

MBan 

sun 

11 

Strasbourg 

cta/dy 

7 

BJiam 

nn 0 

C-hagen 

shower 

3 

Dublin 

sun 

8 

Istanbul 

shower 

6 

Montreal 

cloudy 

•10 

Sydney 

shower 

24 

Bangkok 

tor 36 

Cairo 

fair 

24 

Dubrovnik 

sun 

t2 

Jakarta 

dciudy 

30 

Moscow 

fair 

-5 

Tangier 

rain 

16 

Barwtona 

fdr 14 

Cape Town 

fair 

30 

Edinburgh 

Ur 

10 

Jersey 

sun 

9 

Munich 

fair 

8 

TelAWv 

fair 

22 









Karachi 

tor 

28 

Nairobi 

NgstlAD 

lair 

aim 

28 

13 

Tokyo 

Tnffwitrt 

T3n 

fair 

11 


No other airline fires to 
Eastern Europe. 

more cities in 


ixuwsn 

L Angolas 
Las Palmas 
Lima 

cloudy 

far 

cloudy 

cO 

17 

21 

26 

Nassau 

New York 
Nice 

Mr 

tor 

sun 

lu 

2T 

2 

13 

Vancowar 

Venice 

Vienna 

MSI 

aim 

sun 

tor 

ro 

8 

10 

1 

! £e) Lufthansa 




Lisbon 

London 

LuxJjoug 

shower 

fair 

fair 

15 

10 

5 

Nicosia 

Oslo 

Paris 

lair 

sun 

fair 

18 

3 

7 

Warsaw 

Washington 

Wbifington 

sun 

sm 

tor 

■€ 

3 

20 

> 








Lyon 

fair 

8 

Perth 

sun 

36 

A 

Winnipeg 

doudy 

L.L, 

-8 


Madeira 

fair 

18 

Prague 

tor 

3 

Zurich 

Mr 

8 


the lex column 




Liquid engineering | 

accounted for by “Vodafone Intui- 
tional'’. Orange is expensive by- 


While others talk, British Petroleum 
and Mobil are grasping nettles. Unlike 
most of their competitors, both oil 
groups have already been aggressive 
in rationalising their European refi- 
nery operations. But overcapacity in 
refining is not the only explanation for 
depressed “downstream” returns in 
Europe; as the recent results season 
showed, there is growing competition 
in s elling petrol too. By putting their 
downstream operations together, BP 
and Mobil should be able to limit the 
damage by cutting costs and strength- 
ening brands. They are unlikely to 
have enough market share to influ- 
ence prices much. But where the com- 
panies are operating parallel distribu- 
tion networks, the scope for savings 
chnuirt be substantial - comfortably 
enough to deliver the targeted 10-15 
per cent cut in the businesses’ operat- 
ing cost bases. 

Of course, the deal Is not likely to be 
snag-free. Putting the operations 
together under the direction of a sin- 
gle company - BP for petrol stations, 
refining and fuel sales; Mobil for lubri- 
cants - is likely to be a testing man- 
agement project, especially since the 
companies’ assets will remain legally 
their own. In the worst scenario, it 
could all end in tears. Moreover the 
combined businesses will not have a 
market share substantially ahaad of 
their biggest competitors - which 
means the new economies of scale will 
not, by themselves, give BP or Mobil a 
competitive edge over their peers. 
What might is imaginative manage- 
ment If anything is evidence of that 
tills deal is. 

Nokia 

Two profits warnings to two months 
is not what one expects from a growth 
business. It is no wonder then that 
shares in Nokia dropped 7 per cent 
yesterday after the Finnish mobile 
phones manufacturer warned of a sig- 
nificant profits shortfall in the first 
half of this year. The share price has 
now fallen by more than 50 per cent 
since September. 

As it happens, the 1995 results were 
actually quite good, with a 40 per cent 
advance in sales producing a 31 per 
cent jump in earnings. Moreover, Nok- 
ia’s decision to pull out of its ailing 
television business is laudable and 
contrasts with the lingering death 
Philips is inflicting on its Grundig sub- 
sidiary in Germany. 

But prospects for the core mobile 
phone business are worrying. The 
group sold nearly twice as many hand- 


FT-SE Eurotrack 200: 

1658.9 (+15.S) ■ 


Nokia 


parison with both. 

Vodafone UK is much moreesfab- 
fished: it makes nearly £500m1h cpw- 


Share orfro rafafrvfi to the HEX General Iridwt ating profits a year, white GrangB maj 

' • . ■ V not make a profit until 1996. aife. 

. - OMtun'e antmMiu 



sets to 1995 as in 1994, but revalues 
increased only 50 per cent. Even allow- 
ing for a currency impact worth IB 
percentage points, that suggests hand- 
set prices fall substantially. This can- 
not all be down to fierce competition 
in the US market for analogue hand- 
sets, since these make up Iras than a 
tenth of Nokia "s sales. Instead, it looks 
as If price competition is spreading to 
digital handsets in Europe. 

On top of that, the group has 
encountered production and supply 
problems. Though the infrastructure 
business, which makes phone base sta- 
tions, is performing well, group profits 
could drop by 5-10 per cent this year. 
Even on a rating of just 10 times earn- 
ings, Nokia has little appeal at the 
moment 

Orange 

Orange has bad to scale back its 
op timis tic flotation plans. Last month, 
the UK mobile phone group was shoot- 
ing for a market capitalisation of 
£2.8bn ($4.3bn). The new range of 
£2.2bn-£2.4bn. - equivalent to an 
“enterprise value” of £2.7bn-£2.9bn 
once debt is added - is mare realistic. 
But it is still not a compelling invest- 
ment proposition. 

The best way to see this is to com- 
pare Orange with Vodafone, its only 
quoted UK rival At first glance. Voda- 
fone's enterprise value of £7.5bn 
makes Orange look cheap. But this 
ignores the fact that Vodafone con- 
tains two businesses - a UK business 
that competes directly with Orange, 
and an international business. Ana- 
lysts think about £5bn of Vodafone's 
enterprise value relates to “Vodafone 
UK”, with the remaining £2.5bn 


circumstances. Orange’s enterprise 
value should probably not be fajita 
than half Vodafone UK’s - or saga. 
Even Vodafone InternatignaJ.Vjs 
slightly more established than Or 
M oreover, given that it covers 
sump population as Orangp'-but 
markets are less competffive^faas tbs 
UK, it would be unreasonable fe/valoe , 
Orange at a higher level » -ajjaia - 
£2J5bn. Of course, it is possfefc/t&at 
Vodafone is undervalued. But Hioves- 
tors believe that, they should fay 
Vodafone not Orange. Oranges ape net 
the only fruit 


V Ir Ij. . ■ 


Paribas ■- 

Mr Andr& LSvy-Lang. Paribas’ 
man has a great deal to prove. Tester: 
day’s losses stemmed mainly -from pro- 
visions of FFr5.5bn (convert) a: 
clear-out which cannot be critidsed. 
But it is only three years since Paribas- 
went through a similar exercise. And 
since Mr L6vy-Lang took over to 1990, 
the shares have unde r p e r f ormed the 
market by over 50 per cent 

One of the biggest problems is that 
Paribas is weighed down by a ragbag 
of under-performing stakes in busi- 
nesses like Navigation Mixte, a basket- 
case holding company. Rather late in 
the day, Mr Levy-Lang is talking of 
getting rid of some of these - he plans 
to raise FFrl5bn (S2.9Sbn) through, dis- 
posals. 

But yesterday’s bid for the rest of 
Navigation suggests Paribas’, old 
empire-building habits may not yet be 
dead. The charitable interpretation is 
that it wants to accelerate the process 
of sorting Navigation out. But since 
Paribas in effect controls the company, 
anyway, tins seems unlikely. More 
likely, it is trying to stop others get- 
ting their hands on Navigation’s big 
bolding in Paribas. 

Navigation’s minority shareholders 
are likely to take a dim view of all 
this: Paribas has obtained control 
without paying a bid premium, and is 
offering well below most estimates of 
Navigation’s worth. On the other 
hand, these estimates may be over-op- 
timistic. The fact that Allianz has just 
sold its big stake certainly suggests so. 

Additional Lex comment on Standard 
Chartered, Page 18 


oil. *vVs %V 








Canary Wharf Limited 
has completed 
the Agreement for Sale 


with 



Deader^ 

xv^Digest 


of 


142,000 square feet 

at 

11 Westferry Circus 
Canary Wharf 

Acquiring Agents 


Knight 
1 rank 


Joint Sale Agents 


Jones Lang 
#f|Wootton 


SOum Victoria StTMUmion EC4K4YY 


Richordfllis 


• London WlkdAN 

Canary Wharf limited. One Canada Square, Canary Wharf London El4 5AB 






13 



^ .. w .4 







FINANCIAL TIMES 


COMPANIES & MARKETS 



$$ THE FINANCIAL TIMES LIMITED 1946 


Thursday February 29 1996 


" ifci 




!3SI 


=3 




..-. **=Qsivt i, « 

. •: ii . -r^y £ 

■ :>*£*■** 

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. J' r ~' Problems jcj^ 
—^■awn* * 

• -^s stata a i* i 

: .;:“r-' totceibJ 

IS UltttJ, 

••• - .-MBuhnJit 

■ -'-i :or ihtis- 
Paribas' £ 

.'l.“'. :: ~ a ? Gcsji 
•'• r "'- : ' '-HtTproaii 

•-.rlTrare itejncs 

■ ■■?-■■ • •’■ jUl. 0 D! 35 
ihecttp 

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■■' ': i'.'.-p udH?£ 

■ safibilfc 
■•-•■:• < Tcsofi 

■• ' * ■•f'.J’jrd cab! 

■ • - - Trr-rxics. and i 
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• i'S S HK| 
•:■ .■'.-! ij'sMf 

•: : v: ^ 

. - .T.ri^’cpsf 

. rcr^isSariri 
C^rraPipl* 


IN BRIEF 


IIS funds look 
overseas again 

After a Tear in which share prices at home 
monopolised their interest, US mutual fund inves- 
tors have turned their attention overseas a g n» n in 
recent weeks, particularly to the emerging markets 
of south-east Asia and Latin America. Page 16 

parfoas posts loss and launches bid 

Paribas, the French financial holding company, 
announced losses after provisions of FFNbn. 
($785.4m) far 1935, and launched a hill takeover bid 
for Navigation Mlxte, the holding company in 
which it has a controlling stake. Page 14 

Date sot for OTE public offering 

After months of hesitation over the timing of its 
third attempt to float OTE, the state telecoms 
monopoly, the Greek government has set March 26 
as the launch date for the offering, 
page 24 

EdF blames taxes for profits slip 

Electricite de France, the state-owned utility, 
reported an 1&5 per cent drop in profits before gov- 
ernment levies to FFr2. 7bn ($541m) last year. It put 
the profits fall down to higher taxes and a cut in 
tariffs to customers. Page 15 

Rabobank posts 11% advance 

Rabobank, the big Dutch cooperative bank, posted 
an 11 per cent increase in 1995 net profits to 
FI 1.43bn (5879m). Page 15 

. Newsprint mills taco price rise resistance 

North American and Scandinavian newsprint wiiifc 
may find it hard to make proposed price rises stick 
in the face of customer resistance. Page 16 

Hanson In $500m I IS forestry disposal 

Hanson, the industrial conglomerate, yesterday sold 
a large portion of its Cavenham Forest Industries 
subsidiary in the US to Weyerhauser, the forest 
group, for 8500m. Page 18 

Exceptional* push BICC Into the rad 

Restructuring costs, difficult trading conditions and 
a loss on the sale of its housebuilding side pushed 
BICC, the international cables and construction 
group, into the red last year. The group reported a 
pre-tax loss of £G7m (5103m) far 2995. Page 18 

Orange to float at up to £2. 45 bn 

Orange, the UK mobile communications group, con- 
firmed that it will be valued at between £L2bn and 
£2.45bn (S3.77hn and $&38hn) when it floats at the 
aid of next month. Page 18 

Standard Chartered cho c rad by 30% rise 

Standard Chartered, the international banking 
group announced a 30 per cent increase in 1995 pre- 
tax profits to£661m ($1.02bn). Page 18 


CompMlw In this issue 

Abb 

14,13 Keller 

4 

A7ST 

16 Kia Motors 

4 

Aduco 

4 Kofba 

18 

Affiance Resources 

18 Kvaemer 

ia. 13 

Afeha Creeflt Bank 

14 Lehman Brothers 

14 

American OnHno 

16 L anrho 

18 

Ampotex 

17 Macutan HolrSng 

14 

Asea 

13 Mediaset 

14 

BICC 

18 Mobil 12. 1 . 

17,13 

BMW 

4 NTT 

4 

- BP 

13 National Bank 

14 

— Balfour Beatty 

4 Navigation Mbcte 

14 

Bangkok Bank 

17 Nokia 

12 

Bar* Austria 

14 OTE 

14 

Baxter IntemaflonaJ 

15 Optus 

17 

Berliner Bank 

14 Orange 

12 . 18 

Bozeq 

17 Otis Be valor 

16 

Bridgestone 

17 PLOT 

17 

British Petroleum 

12, 1 Paribas 

12, 14 

Brown Bovoria 

13 Philipp Hofamsnn 

4 

Cable a Wireless 

4 Rabobank 

15 

Canadian Pacific 

18 Roiend Berger 

14 

Carrefour 

14 Salomon Brothers 

14 

Coast Corp 

IB Samsung Heavy ind 

17 

Coca-Cola Femsa 

16 Scottish Asia 

18 

Columbia Gas System 

16 Sema 

18 

.Continental Cable 

18 Sonae Invest! memos 

14 

Creditanstalt 

14 Standard Chartered 

18 

Credit Lyonnais 

14 Sumitomo Electric 

4 

Danone 

16 Tabecalera 

15 

EdF 

15 Tarmac 

4 

Equkxi Corp 

13 Telstra 

4 

Batcher Challenge 

17 Thai Formats Sank 

17 

France Teleoom 

4 Time Werner 

16 

France T44com 

14 Tokal Bank 

17 

fiasenlus 

15 Total 

14 

Fup Bank 

17 Trafalgar House 

13 

Giordano Int 

17 US West 

18 

Glaxo WeBcome 

18 UUNet 

18 

Hanson 

18 Vldeotogic 

18 

Hyundai 

4 W.R. Grace 

15 

Indosat 

17 Wells Fargo 

16 

James Cape) 

14 Wing Lung Bank 

17 

Marital Statistics 

#Amuffi reports service 

24-25 FT-SE Actuaries Writes 

28 

Benctaok Gmt bonds 

22 ForelQn exchange 

23 

Bond tans and options 

22 BStsprices 

22 

Bonn prices andyWds 

22 London share aanlca 

24-25 

Corawxfifes prices 

a Managed tads saniica 

26-27 

OMdarnh amwiced, U( 

18 Money markets 

23 

BIS cunscy rasa 

23 New bin bond Issues 

22 

Eurobond prion 

22 New York Stan service 

30-31 

Ftad Interest hdtaes 

22 Recant issues, UK 

28 

FTys&P-A WbrW hefces 

32 Short-term bit rates 

23 

FT Gott U*s index 

28 US interest rates 

22 

FTfiSMA Ml bond SK 

22 Write Stock Markets 

28 


Chief price changes yesterday 


Mm 


our 

KaoM 


BBC 
tad Marla 

mwKff 


789 + 

141 + 

4518 + 

820L5 - 


BmuSOmi 471k + 

tan Cap 68W + 

taw tap 19H + 

Mb 

Has Ban Pip ■ 251* - 

HXtatapA 3514 - 

tanutt 21 - 


London CU* . 51 s * 

BdChwferar 536 ♦ 

St* team .410 * 
tawap«W 778 *■ 

Ml 

Wan Foot . 573 - 

VOOBBrWtlQB 833 
TOMMTOfCS) 


ftMBfl* . 135 + 

OPUK 30 + 

2*1 *■ 19H + 

Fata 

fioMUpOb 24 - 
6®flwWUw nv - 

ass* * - 


53 

31 

M 

08 

23J 

S 


5M 

W 

2* 

11 * 

m 

1 ** 


25 

37 

38 
58 

35 

43 


7 

2 

1* 

1» 

1H 

44 


tear 


710 


No* Vodt and Toranto 1 


tastanp 

546 

+ 

14 

Onmeum 

133B 

+ 

137 

Bxo 

883 

+ 

28 

Lagrand 

Mia 

as 

+ 

28 

FoneUoo 
TOKYO (Veal 
M*m 

482 


13 

BniftarM 

5B6 

* 

17 

tntmm Food* 

788 


18 

MpeanSpnl 

Mte 

1200 

* 

120 

ana Bank 

821 

- 

24 

UabMwbic 

BB9 

- 

21 

uatdmtf 911 

HOMO K0NO PIKS) 
Meee 


10 

HmgSsngBnk 

77.25 + 

Z 6 

MUM 

5J 

■* 

02 

Stan Tab Hkto 

Mta 

54 

♦ 

02 

Grands Ms 

363 

- 

0.15 

MC Hus 

3.075 

ai? 

VGM Tradtofl SJ 

BANGKOK (BsM} 

Mew 


0.15 

Asm 5n Food 

G 8.0 

* 

35 

Modem Horn 

676 

+ 

o 

Post PuOWl 

Ml* 

181 a 

+ 

16.0 

Unlay Pub 

4460 

- 

320 

1 M Tony Ten 

7M 

- 

SjO 

Unhwtura 

ixaopm. 

4725 


MS 


Nokia warns of ‘substantial’ fall 


By Christopher Brown- Humes 
in Stockholm 

Nokia, the Finnish tele- 
communications group, yester- 
day warned first-half profits 
would be substantially below 
1995 levels, but said it was ending 
a disastrous involvement in tele- 
vision set production. 

It yesterday reported a 
FM4.9bn ($lbn) pre-tax profit for 
1995, below market expectations 
but 23 per cent above 1994’s 
FM4bn profit. 

The report underlines current 
turbulence in the mobile phone 
industry after spectacular growth 
of the past three years. Motorola 
of the US, Nokla's main rival, 
reported sharply lower fourth- 


quarter 1995 profits, and warned 
of slower sales, falling prices and 
a squeeze on margins. Shares in 
Nokia, the world's second largest 
supplier of mobile handsets after 
Motorola, yesterday see-sawed, 
first surging 7 per cent, then foil- 
ing to close down 6.9 per cent at 
FM156. 

Falling prices, production bot- 
tlenecks, and unexpectedly diffi- 
cult conditions in the US hit 
Nokia. It said consumer electron- 
ics operations had been plagued 
by losses in the European TV 
market Pre-tax profits fell in the 
final four months from FMl.7bn 
to FM1.3bn, a bigger fall than 
analysts had expected despite a 
profit warning from the group in 
December. 


Analysts nnt«i anmia) mobile 
phone operating profits were vir- 
tually unchanged at FM1.73bn. 
even though turnover grew 50 
per cent to FM16,0bn. This 
reflected internal production hic- 
cups, as it battled to meet strong 
demand, and sharp price foils in 
the US where Nokia spH« about 
one in four of its mobile phones. 

Mr Jorma Ollila, Nokia chief 
executive, said: “Prices fell by 30 
to 40 per cent in the US market, 
which is dominated by analogue 
phones, and by 15 to 25 per cent 
in Europe and Asia, which are 
mainly di gital phone markets." 

He said logistical problems 
would have an impact on the 
group’s first-half figures, and it 
would not feel the foil benefits of 


a strong order surge for its tele- 
communications unit until the 
second half. 

Pricing pressures are expected 
to continue, but the group hopes 
to offset these through increased 
efficiency. Mr Ollila insisted 
demand for mobile phones in 
Europe and Asia remained 
strong, and digital sales were 
forecast to lead to an improve- 
ment in the US next year. 

The group’s telecommunica- 
tions unit, which handles infra- 
structure, posted a strong perfor- 
mance, with a 36 per cent rise in 
orders and a jump in operating 
profits from FML7bn to FM2.7bn. 

The decision to withdraw from 
TV production follows total 
losses of more than EM2hn since 


1988. The group is making a 
FM2.3hn charge to cover the 
move. Mr Ollila said: "The final 
straw was that our TV businesses 
again made losses in 1995 after 
progress In 1994. The European 
TV market continued to go down, 
particularly in the second half 
when consumer confidence 
sagged, and we could see no sign 
of an upturn.” 

The group has begun talks to 
sell the businesses, which 
incurred losses of FM352m last 
year. 

Group sales surged from 
FM30.2bn to FM36.8bn while 
operating profits climbed from 
FM3.6bn to FM5.0bn. The divi- 
dend rises from FM2£ to FM3. 
Lex, Page 12 


David Lascelles analyses the latest move in the European market for oil products 


BP and Mobil aim £Hlina *• 


to get in front 
and stay there 


BP turnover 
byosograpNcafava 
(Yaa- to Dec SI. 1994) 


The partnership that British 
Petroleum and Mobil will 

arm nil n today marks another 

dramatic stage In the rationalisa- 
tion of the hard pressed Euro- 
pean market for oil products. If it 
succeeds, tfifc unusual alliance 
should enable the two companies 
to challenge the dominance of 
the long-time market leaders. 
Shell, the Anglo-Dutch group, 

and Exxon of 

the US. The 
partnership is 
being forged 
against a back- 
ground of tough- 
ening competi- 
tion in most 
European coun- 
tries. Surplus 
capacity has 
already led to 
refinery closures 
and price cut- 
ting - and this 
i9 putting the 
squeeze on com- 
panies that lack 
market dominance. Both Mobil 
and BP have already announced 
cuts in their European 
operations. Last month BP said it 
had decided to dose or sell two 
European refineries. Mobil has 
pulled out of marketing fuels in 
Italy and Norway, and last year it 
shut down its refinery at WOrth 
in Germany. 

But with Exxon now putting a 
further squeeze on prices at the 
petrol pump in the UK, and Shell 
in the throes of a big internal 
reorganisation to cut costs, the 
pressure continues to mount: 


Both Notto and 
Browne have 
been described as 
aggressive and 
unafraid to 
question the 
sacred tenets of 
the industry 


hence the need for further action. 

The BP-Mobil partnership is an 
ambitious plan to pool $5bn 
(£3.2bn) of assets in refineries 
and service stations throughout 
Europe so the two companies will 
emerge as market leaders In 
more than half-a-dozen countries. 
The deal also contains provisions 
for the partnership to be 
extended into further countries 

where the two 

companies 
might expand 
later. 

By cutting out 
duplication and 
making better 
use of the loca- 
tion of their refi- 
neries they 
should be able 
to cut costs and 
compete more 
aggressively. 
“This is all 
about struc- 
ture.” said one 
source close to 
the negotiations last night 
The partnership, which will 
have combined sales of $20bn a 
year, will be in two parts. The 
first, covering fuels, will have BP 
as Its dominant partner with 70 
per cent The second, covering 
lubricants, will have Mobil with a 
majority of 51 per cent The two 
companies' 9,000 service stations 
in Europe will carry BP’s green 
livery, but the design will also 
incorporate the Mobil logo. 

From BP’s point of view, the 
deal is another step in the strat- 
egy developed by its new chief 



BP turnover 

by dtaskn [Yew to Dec 31, 199# 


ExploratfenA 

production 

£4.3bn 



Marketing 
& refining 
£24.7bn 


ABB advances to $1.3bn and 
unveils boardroom reshuffle 


By Stefan Waqstyf In Warsaw 

ABB, the European engineering 
group, yesterday announced a 
boardroom reorganisation 
designed to simplify decision* 
making and strengthen links 
with shareholders. 

The company, which also 
posted a 73 per cent increase in 
net profits for 19% to $1.315bn, 
said the move would reinforce 
the merger from which ABB was 
created when the group’s two 
holding companies. Asea of Swe- 
den and Switzerland's Brown 
Boveri, pooled their operations in 
1988. 

Asea and BBC shares rose Z2 
per cent and L9 per cent respec- 
tively on hopes that the stream- 
lined structure would make the 
group mare attractive to inves- 
tors. 

Mr Percy Bamevik, the chief 


executive, announced the 
changes in Warsaw, where ABB 
was bolding Its annual group 
press conference in order to high- 
light its commitment to eastern 
Europe, where it is making exten- 
sive investments. 

Under the plan, Mr Bamevik 
will become chairman as well as 
chief executive. Instead of a 
board formed from four Asea and 
four BBC directors, ABB will 
have a combined board of 11, 
including four new non-executive 
directors. Among these are Mr 
Peter Sutherland, the former 
General Agreement on Tariffs 
and Trade director general, Mr 
Yotaro K Obayashi, chairman of 
Fuji Xerox of Japan, and Mr 
Lodewijk van Wachem, chairman 
of Royal Dutch Petroleum. 

To underline the new sense of 
unity, Asea is to change its name 
to ABB AB, and BBC will become 


ABB AG. ABB will also take over 
the two holding companies' 
remaining activities, including 
distributing dividends. 

Mr Bamevik said the proposals 
would mean the merger started 
in 1988 was “virtually complete” 
He pledged to resolve the remain- 
ing merger issue - unification of 
Asea’s and BBC's separately 
listed shares, which has been 
delayed by negotiations with 
Swiss tax authorities on share- 
holders’ tax liabilities arising 
from a stock merger. 

Mr Bamevik also said that 
although he would be both chair- 
man and chief executive, the 
group would eventually appoint a 
new chief executive. ABB could 
adopt the UK system, of a nonex- 
ecutive chairman supervising the 
business, and a chief executive in 
day-to-day charge. 

ABB surges, Page 14 


Trafalgar ‘may accept £900m’ 


By Andrew Taylor, 

Construction Correspondent 

Trafalgar House executives 
believe directors are likely to 
support a bid from Kvaemer of 
Norway provided it values the 
UK construction, e n gineering 
and chi pp in g conglomerate at no 
less than £900 m ($l.S8bn). 

The Norwegian engineering 
and shipping group is expected to 
ann ounce by early next week 
whether it will launch an offer. It 
hac ruled out a hostile bid. 

Mr Erik Tonseth. Kvaeraer's 
chief executive, was in London 
yesterday, but it is thought he 
did not meet Trafalgar directors. 
Discussions were handled by the 
groups’ financial advisers, SBC 
Warburg for Kvaemer and Schro- 
der for Trafalgar House. 

A bid of £9QQm would imply an 



offer of 50p-55p for each Trafalgar 
ordinary share, compared with 
last night's closing price of 45Kp. 

The support of the Keswick 
family is essential if Kvaemer is 
to proceed. Hongkong Land, part 
of the family's Jardine Matheson 
empire, has a 28 per cent stake in 
Trafalgar. Mr Simon Keswick is 
chairman of the group. 

Hongkong Land, which paid 
73p a share for the first block of 
shares, bought In 1992, has 
become disenchanted with its 
Investment and indicated it 
would sell if the price was right 
Trafalgar suspended dividend 
payments after incurring a pre- 
tax loss of £320-8m in the year to 
September. It had net debt of 
£229m, representing almost two- 
thirds of shareholder funds. 

Since then it has raised more 
than £ttOm by a>]lmg the Ritz 


J 


hotel in London and Ideal Homes, 
its UK housebuilding division. 

Kvaemer must decide whether 
to launch a full-scale offer for 
Trafalgar following the failure 
last December of a £360m hostile 
bid for Amec, another UK con- 
struction and engineering group. 

Kvaemer is determined to 
expand its oil and gas fabrication 
and process plant manufacturing 
business Internationally. 

A marriage of Kvaemer and 
Trafalgar would create the 
world's largest offshore oil and 
gas fabrication business, ahead of 
present market leaders Brown & 
Root and McDermott of the UK. 

Kvaemer’s B shares, which fell 
NKr5 on Tuesday after the 
announcement of a possible bid 
for Trafalgar, slipped NKriO yes- 
terday to NKrl83. 

Background, Page 28 


Store prices relative to 08 sectors 

12 s 


120 


116 


BP ratafee to 8w 
FT-SE-AoB 


•110 — 


105- 


100 


95 1 



Mobil turnover 
by gBOffaphlcal ana 
[Year 10 Dec 31, 1994) 



^ ' MobUtumover 
[Year toDec3l , 1994) 

' r Exp»oration & 
production 
51U2bn 


Chemical 

$4.5hn 


±J 


M 


M 


9oniCK FT Edel 



Marketing 
& refining 
$5&9bn 


executive, Mr John Browne, to 
build on the company's strengths 
- and get out of areas where it 
cannot make sufficient returns. 

This strategy is focused on 
improving profits, which are now 
rising strongly. But the closures 
and cutbacks have also reduced 
BP'S size, making it more neces- 
sary for the company to find 
ways of retaining and enlarging 
its market share. 

For Mobil, the US's second 
largest oil company after Exxon, 
the partnership offers the oppor- 
tunity to re-invjgorate its posi- 
tion in a region where returns 
had long been inadequate and 
one which had slipped behind 
regions like east Asia in invest- 
ment priorities. Mr Lou Notto, 
Mobil's new chairman , has indi- 
cated that he would not shrink 
from selling or pyphanping assets 
that were underperforming. 

In fact the partnership appears 


to reflect a meeting of minds 
between Mr Browne, and Mr 
Notto, both of whom are rela- 
tively recent arrivals in their 
jobs. Both have been described as 
aggressive and unafraid to ques- 
tion the sacred tenets of the 
industry, and both are keen to 
build shareholder value. 

“These two companies were 
among the first to rationalise 
their downstream operations in 
Europe,” said Mr Fergus McLeod, 
ofl industry analyst at NatWest 
Markets. “But having taken the 
initiative they are now saying 
“we’re not going to sit back and 
watch others follow suit We’re 
going to cany it all a stage fur- 
ther’. ” 

The alliance is said by both 
sides to be a good fit geographi- 
cally. particularly in the distribu- 
tion of refineries and service sta- 
tions. Large economies of scale 
can be achieved by expanding the 


market in the immediate vicinity 
of a refinery. The choice of a 
partnership rather than any 
other arrangement is not surpris- 
ing in an industry criss-crossed 
by a multitude of mutual owner- 
ship and co-operation agree- 
ments. Most of them tend, how- 
ever, to be in the upstream end of 
the business such as the partner- 
ship between Exxon and Shell for 
North Sea development 

At the downstream end, Chev- 
ron and Texaco market their 
joint production under the Caltex 
label, and various companies 
own minority stakes. Mobil for 
example has a 28 per cent inter- 
est in Aral in Germany. 

But today’s deal is likely to 
mark the most ambitious pooling 
of downstream assets, certainly 
in Europe, which if successful 
could prompt further alliances as 
companies face an even tighter 
squeeze on profits. 


Japanese 
institution 
files for 
bankruptcy 

By Emiko Torazono in Tokyo 

Equion Corp, a leading Japanese 
non-bank financial institution, 
yesterday became the latest casu- 
alty of the country’s financial 
crisis. It filed for liquidation 
with debts of Y310.6bn ($2.93bn) 
- the country's largest bank- 
ruptcy since 1991. 

Its failure is a further blow to 
Japan’s leading commercial 
banks, which are set to declare 
record losses due to bad loan 
write-offs. Among Eqnion's larg- 
est creditors are Hokkaido Taku- 
shoku, Dai-Ichi Kangyo and 
Sumitomo Trust banks, all laden 
with bad loans. 

The company had lent heavily 
to the property sector and more 
than 80 per cent of its loans had 
become non-performing, accord- 
ing to Teikoku Data Bank, a 
credit research agency. 

Many of the country's non- 
bank flimnrial iwgtitq ti PP S pro- 
vided loans to corporations 
which also borrowed from jusen, 
the ailing housing loan compa- 
nies, at present the subject of a 
liquidation plan engineered by 
the government The squeeze on 
such borrowers that will be trig- 
gered by fiie jusen liquidations 
will hit the non-bank institu- 
tions and their creditors. 

Equion is the seventh-largest 
bankruptcy in the post-war 
period, and its collapse follows 
that of Aichi, another ion-hank 
financial institution which made 
speculative purchases of impres- 
sionist paintings. It went under 
this month with debts of Y182bn. 

Sumitomo Trust and Hokkaido 
Takushoku each had Y25.4bn in 
outstanding loans to Equion, 
while DEB, Mitsui Trust & Bank- 
ing and Yasuda Trust & Banking 
had extended YIBbn each. 
Nomura Finance, a finance arm 
of the broker, also lent 
YlObn. 

Financial analysts fear a chain 
reaction will force commercial 
banks to write off additional 
losses. “It could potentially cre- 
ate the next stage of a banking 
crisis," warned Mr Brain Water- 
house, analyst at brokers James 
Capel in Tokyo. 

Meanwhile, Maruto Komuten, 
a property developer based east 
of Tokyo, was declared insolvent 
by a court, becoming the first 
victim of a fond squeeze caused 
by the jusen debacle. The com- 
pany, which according to Tei- 
koku Data Bank bad Y3&Sbn in 
liabilities, is the first jusen bor- 
rower to be declared bankrupt 
since the government announced 
its liquidation scheme for the 
seven housing loan companies. 


Tkit cothaurtcemtns appears a$ a matirr rf record only 


Febnan- 19 % 





EUROPEAN INVESTMENT BANK 

MEDIUM TERM NOTE PROGRAMME 
200,000,000,000 Pesetas 

Arranger 

BANCO SANTANDER DE NEGOCJOS 

Dealers 

ARGENT ARIA BANCO DE NEGOCIOS BANCO BILBAO VIZCAYA, S A. 

BANCO CENTRAL HISPANO BANCO SANTANDER DE NEGOCIOS 

CAJA DE MADRID DEUTSCHE BANK, S-A.E. 

JJ». MORGAN S.V.B. 




Santander Investment 

A division of Banco Santander 



FINANCIAL TIMES THURSDAY FEBRUARY 29 I99« 


INTERNATIONAL COMPANIES AND FINANCE 


EUROPEAN NEWS DIGEST 

Total share sale 
nets FFr3. lbn 

The French government yesterday opened its 1996 
privatisation programme by selling: 9.5m of its shares in Total, 
the an group, to French and foreign institutional investors for 
FFr3.1bn ($62lm). 

The operation, arranged by Credit Lyonnais and Lehman 
Brothers and completed overnight reduced the state stake in 
Total from 5 per cent to 1 per cent The sale, which at FFr336 
apiece gave buyers a slight discount barely affected Total's 
shares, which closed at FFr332. The government has also 
withdrawn one of its two nominees to the Total hoard, and 
reduced the veto power on appointment of Total presidents 
that it obtained in an agreement dating back to 1930, and that 
will lapse entirely in 3000. David Buchan, Paris 

Maculan to file for bankruptcy 

Maculan Holding, Austria’s second largest construction group, 
said yesterday H would ffle for bankruptcy nest Monday. The 
group suffered heavy losses in eastern Germany and Russia, 
where it had expanded aggressively after 1989. Last year, Mr 
Alexander Maculan, the chai rman and majority owner, yielded 
control of the group to a consortium of Austrian and German 
creditor banks, but had still hoped to salvage the company. 

The collapse became inevitable after the Austrian banks 
which include Creditanstalt, Bank Austria and Raiffeisen 
Zentralbank. demanded modifications to an earlier finanring 
package in order to limit their future risks. 

The banks argued they had extended additional credits to 
Maculan in recent weeks, while the German banks had 
decreased their exposure. However, the German cr edi tors, 
with Berliner Bank in the forefront insisted on an awimrftpri 
bank guarantee for future losses. Estimates of the 1995 losses 
also increased from the original prediction of Sch350m 
($34&3m) by the consulting firm Roland Berger & Partner last 
November. The deficit is now believed to be about ScfrTOOm. 

Eric Frey, Vienna 

Mediaset sells further stake 

Mediaset, the media interests group of Mr Silvio Berlusconi's 
Fininvest business empire, yesterday further opened its 
capital to outside investors with the sale of a 2.3 per cent stake 
to two mutual funds managed by Capital Research and 
Management Company, a US investment manager. The sale of 
the stake, worth Ll55bn ($100m). is another step in Fininvest' s 
plans to enable Mediaset, Italy's largest private broadcaster, to 
compete internationally through injecting cash and freeing it 
of debt Mr Berlusconi's stake in Mediaset is intended to fall 
below so per cent although he is still expected to control 
Mediaset as its largest investor. John Simkins, Milan 

Sonae’s 20% rise disappoints 

Shares in Sonae Investimentos, the holding company for 
Portugal’s biggest retail and industrial conglomerate, dropped 
R3 per cent yesterday to Es3,550 after the group pasted 
disappointing 1995 earnings. The group reported a 20 per cent 
increase in net consolidated profit to Esl2.9bn ($85.4m) from 
Esl0.7bn in 1994. But analysts said underlying earnings per 
share were about 20 per cent lower than expected, falling to 
Esl73 from E&268 in the previous year. 

Although the group posted a 69 per cent increase in 
extraordinary profits from Es4Jbn to Es8£bn, analysts said 
underlying net profits fell 35 per cent to Es&9bn. The 
extraordinary gains came mainly from the sale of shares in 
Banco Portugues do Atlfintico. Operating profits climbed 65 
per cent to Esl9.5bn due to substantial operating 
improvements in the group’s re tailing business and the 
incorporation for the first time of Tafisa, a Spanish hardboard 
producer. 

An increase in Tafisa 's net profit to Pta2.4bn, from PtaSOOm 
in 1994, helped Sonae Indiistria, the group’s wood products 
division, achieve a surprising turnround from a net 
consolidated loss of Esl.2bn in 1994 to a profit of Es970m, after 
minorities. The industrial division benefited from a net 
extraordinary gain of Esl^bn, mainly from the sale of two 
subsidiaries to the group's retail arm, as well as the 
consolidation of its 45 per cent holding in Tafisa. 

Sonae Investimento's sales rose 35 per cent to Es357bn from 
Es263Sbn in 1994 Turnover from the group's Continente 
hypermarket chain and Modelo supermarkets contributed 74 
per cent of the total Underlying profits were hit by a Es32bn 
increase in net financial expenses to Es45bn, excluding 1994 
dividends from BPA. 

Investment rose 60 per cent in 1995 to Es58-4bn. 12 times 
cash flow. Group debt increased from Es52.5bn to Es91.3bn. 
Pre-tax profits were ahead 43 per cent to Es23.7bn. 

Peter Wise, Lisbon 


ABB surges to $1.315bn 


COMPANY PROFILE 

ABB ASEA Brown Boverfe 


By Stefan Wagstyl In Warsaw 

ABB, the international 
engineering combine, yester- 
day announced a 73 per cent 
increase In annual net profits 
to $L.315bn. fuelled by strong 
demand for industrial equip- 
ment, cost-cutting and a one- 
off $350m investment gain. 

. Despite a tough price 
squeeze in some markets, nota- 
bly power engineering, operat- 
ing profits rose 25 per cent to 
$3.275bn on a sales increase of 
14 per cent to $33.7Sbn. The 
results were boosted by the 
recent fall in the US dollar in 
local currency terms, operating 
profits rose 18 per cent and 
turnover 6 per cent 

Mr Percy Barnevik. chief 
executive, said the perfor- 
mance showed the benefits of 
the extensive restructuring 
undergone by ABB since it was 
formed from the merger of 
Sweden’s Asea and BBC Brown 
Boveri of Switzerland in 1988. 

The group, which employs 
nearly 210,000 in 120 countries, 
bad cut development times, 
rationalised suppliers, raised 
quality levels and increased its 
ties with customers, said Mr 
Barnevik. 

In Stockholm Asea's shares 
rose SKrl5 to close at SKr697, 
while in Zurich BBC's shares 
also increased, up SFr32 at 
SFrl.475. 

The group was benefiting 
from its widespread invest- 


ments in emerging markets, 
notably in Asia, Latin Ameri- 
can and eastern Europe, said 
Mr Barnevik. Echoing other 
business leaders, he warned of 
“a certain dampening of 
growth of demand” in Europe, 
particularly in Germany. 

But Mr Barnevik forecast an 
Increase in income for 1996, 
saying there would be “oppor- 
tunities in the slowdown", 
such as orders for revamping 
existing power stations instead 
of building new ones. Also, the 
group could look to Asia for 
more “non-cyclical growth". 

“Asia is where the big battle 
is." he said. The group’s 
long-term target remains 
increasing average annual 
sales volume by 6 per cent over 
a business cycle. 

Last year's profits were 
boosted by the $25 Om gains 
realised from the merger last 
year of ABB’s rail transport 
business with Daimler Benz’s 
in a 505Q joint vesture called 
ADtranz. 

The group's largest division 
by turnover, industrial and 
building systems, which sup- 
plies equipment for factories 
and offices, recorded a 16 per 
cent increase in sales to 
$149bn and a 35 per cent rise 
in operating profits. 

In power generation, profits 
growth was held back by 
severe international competi- 
tion. While turnover rose 15.7 
per cent to $10Jbn. operating 


profits rose just 4 per cent to 
5914m. The picture in power 
t ransmiss ion was similar, with 
a 15.3 per cent sales gain to 
S8.1bn producing a mere 2.6 per 
cent profits increase to $675m. 

In transport, profits rose 48 
per cent to $2Q7zn despite a 
sli gh t decline in turnover, as 
ABB benefited from previous 
years' cost-cutting. 

The small hut fast-growing 
finan cial services business, 
which organises finance for 
some of the group's large pro- 
jects, posted a 43 per cent prof- 
its increase to 842am. 

Regionally, the largest sales 
g ains were seen in Europe, 
where turnover rose 18 per 
cent to $l9.7bn, or nearly 60 
per cent of the group total. 
Sales in the Americas fell 
slightly to ?5.77bn. while turn- 
over in Asia, the Pacific and 
Africa rose 15.5 per cent to 
$&23bn. 

The order book grew in line 
with sales, with a 14 per cent 
rise in dollar terms to $3&22bn. 
Among the largest orders 
booked was a S47Dm contract 
for a gasification power plant 
in Italy and a S4O0m gas tur- 
bine contract for South Korea. 

Earnings per share for Asea 
shares were 5Kr49.9Q, against 
SKr32.lO, and dividends SKrJ.6, 
against SKrlI.50. BBC Brown 
Boveri is to pay dividends of 
SFr30 for bearer shares, up 
from SFr20. and SFrfi for regis- 
tered shares, up from SFrt 



Market cspitaflsafiorf 
Main listing* 

Historic P/E* 

Gross yiekf 


Percy Benwvffc 
president and ditof executive 


Cunent share price* 


Zurich 

2&S 

Sft-745 
SFr 1,475 


BSC Brown Boverie share price 

relative to tha SMI index 


Group net profits 



1993 94 95 98 1991 92 83 94 B5~ 

Source FT Ext* Fteo**-, D*5»»n, Caa*x**t “BBC Brown 


Carrefour 


vr 


u p 

but hits at 
government 

-i..\ 

By Andrew Jack 
in Parts ■ ■ 


Revenues per business Jiiimont . 


7 $bn * 

. < . 

Change on 
• year {#>) . 

Industrial and buffcfing systems 

Power generation 

Power transmission and efietribution 
Transportation 

RnanaaJ services 

Various 

: '14JB- 
. • " TO.3 
. 8.1 
•2.8 
; - 0.4 
.♦ . 3.1 

16 . 
16 

16 

-1 

39 

• 12 

Revenues fay regioh 

. • V V *T. ; 

Europe 

Asia/Australasia/AJrtca 

The Americas 

•• 19.7 
\ . SL 2 • 

. .£8 

18 
' IIP 

' ■ 



Sovrca rOmptry 


Greece sets March date for OTE sell-off 


By Kerin Hope in Athens 

After months of hesitation 
over the timing of its third 
attempt to float OTE, the state 
telecoms monopoly, the Greek 
government has set March 26 
as the launch date for the ini- 
tial public offering. 

In order to defuse political 
objections to the flotation, the 
issue has been drastically 
scaled back to just 6 per cent of 
OTE’s equity, though the gov- 
ernment may make another l 
per cent or 2 per cent available 
if it is heavily oversubscribed. 

Nonetheless, the issue will 
still be the biggest to date on 
the small Athens stock 
exchange. Brokers say it would 


increase the market’s total cap- 
italisation by about 25 per 
cent, giving a welcome boost to 
liquidity. 

The government hope s to 
raise at least Dr90bn ($377m) to 
fund new investment by OTE, 
which plans to set up a a third 
mobile telephone network in 
Greece and build strategic alli- 
ances with state telecoms oper- 
ators elsewhere in the Balkans. 

Following its failure to float 
the company in 1993 and 1994, 
the economy ministry has 
shown more caution this time 
in structuring and pricing the 
issue. In a bid to win broad 
political support for the listing, 
one sixth of the 24m shares on 
offer are being offered for sale 


at a discount to OTE employ- 
ees and pensioners. 

Parliament last week 
approved special legislation on 
the off earing, which set a floor 
price of Dr3,700 per share and 
requires the underwriters to 
support the issue price during 
the first six months of trading. 
Buyers who keep their shares 
for IS months can then partici- 
pate in a l-far-10 bonus issue. 

Because of OTE’s unhappy 
experience in 1994. when the 
planned flotation of 25 per cent 
of the company collapsed at 
the last moment because over- 
seas investors said it was over- 
priced, the issue does not 
include an international 
tranche. 


However. National Bank of 
Greece, lead manager for the 
issue, is expected to accept an 
offer by three international 
investment banks to place 
about 1 per cent of the compa- 
ny's equity with institutions in 
the US, Europe and Asia. 

James Capel, the investment 
banking arm of HSBC, together 
with BZW and Salomon 
Brothers, is willing to dispose 
of 4.5m shares, equivalent to 19 
per cent of the offering, at a 
price of just over Dr3,800 
apiece, bankers in Athens said. 

In addition to National Bank, 
the principal domestic under- 
writers to the issue will be 
Alpha Credit Bank. Greece's 
largest private bank, and state- 


owned Commercial Bank. 

• France T616com's mobile 
operations generated sales of 
FFWLSbn ($L3bn) in 1995, com- 
pared with FFr4.4bn a year ear- 
lier, France Telecom. Mobiles 
director Mr Michel Bertmetto 
said, reports AFX News from 
Paris. 

Mr Bertinetto said mobile 
operations in France accounted 
for FFr5.2bn of turnover last 
year, up 40 per cent, while the 
radiomessaging service and 
mobile telephone activities 
abroad contributed FFrL2bn. 

France Telecom also 
announced FFr3. 6bn of 
planned investments for 1996, 
compared with FFr2.6bn 
invested last year. 


Paribas loses FFr4bn and bids for Navigation Mixte 


By Andrew Jack 

Paribas, the French financial 
holding company, yesterday 
announced losses after provi- 
sions of FFr4bn ($80 2m) for 
1995, and launched a full take- 
over bid far Navigation Mixte. 
the holding company in which 
it has a controlling stake. 

The group made provisions 
of FFr5 .5bn, . including a write- 
down of FFrilbn in its holding 
of Navigation Mixte, and more 
than FFi3bn to cover a range 
of property costs as part of a 
restructuring of its Cogedim 
and Credit du Nord 
subsidiaries. 

It also announced plans to 


sell: FFrlSbn of its “industrial 
and financial " assets over the 
next three years, as part of a 
restructuring to help prepare it 
for the future. It estimated the 
value of its assets at FFrtiObn 
before the acquisition of Navi- 
gation Mixte. 

Paribas said yesterday that it 
had boosted its control in Navi- 
gation Mixte from 30 per cent 
to more than 50 per cent, after 
the acquisition of two blocks of 
shares from other large inves- 
tors at FFr800 each. It is now 
offering the same terms to all 
other shareholders. 

The group failed to take over 
Navigation Mixte in 1989, leav- 
ing itself with a 30 per cent 


stake, balanced by Naviga- 
tion's 9 per cent In Paribas. 
When a five-year shareholders’ 
pact expired last summer, 
Paris acted swiftly to replace 
the then Navigation chairman, 
Mr Marc Fournier. 

Mr Andrd Levy-Lang, Pari- 
bas' chairman, said the take- 
over bid was designed to gener- 
ate liquidity after its 
investments in Navigation had 
been immobilised for five 
years. 

He said Navigation had not 
provided "value-added” as a 
conglomerate, and required a 
stable shareholding, which 
Paribas believed it could pro- 
vide through the acquisition. 


He said there were no plans to 
break-up the group, but the 
FFrSbn required for the take- 
over could be funded largely 
through cash and assets owned 
by Navigation. 

Mr Levy-Lang said the 9 per 
cent of Paribas shares held 
until now by Navigation would 
be deconsolidated, providing a 
type of capital "buy-back”. 

He said 1996 had “begun 
weD" in all of the group's divi- 
sions and believed the group 
would return to profits for the 
full year. 

In an expression of confi- 
dence, Paribas resolved to 
maintain its dividend at FFr12 
a share despite the losses. 


Banque Paribas, the group’s 
investment banking aim, 
reported a loss of FFr55 Lm for 
the year, compared with profits 
of FFr789m in 1994, which it 
said was largely the result of 
poor markets activities. 

Compagnie Bancaire, its con- 
sumer credit arm, reported 
profits of FFr3S8m, after 
FFrl93m last time. 

Credit du Nord, the retail 
banking operation, reported a 
profit of FFr&n, after losses of 
FFr97m in 1994 led to a 
restructuring. 

Paribas' industrial invest- 
ments portfolio generated prof- 
its of FFr2.2bn, against 
FFr2. 4bn last time. 


Carrefour, the 
group, yesterday i ^ 

profits up two-third*^ -to 

FFr3.5bn («70Un)>fat J ^ 
while issuing a sharp 
of the government’s- latest 
“corporatise* m oy^ to^gaap 
down on hypermarket *. ■’ . 

Mr Daniel Bernard, 
man, warned 1 that current leg- 
islative proposals wouM rafa* 
prices, impede efforts in boost 
consumer spending and 
and hinder attempts- >td 

improve the qualify- of pro- 
duce. “This seems like a dan- 
gerous recourse to admiiTisfra- 
tive controls,” he said* ■ . 

He was referring to tiro fog. 
islative proposals by - the 
French government. One is 
designed to protect smaller 
shopkeepers and suppliersby 
increasing their negotiating- 
powers with hyiwsrtoarkeis 
and toughening penalties for 
predatory pricing. The othor te 
intended to freeze tage-new 
developments in the country. 

He argued that Ckrrefonr 
had created 2.90& jobs in 
France last year, and had am- ' 
tri hated to supporting 
France’s agricultural teeter 
and to Improving standards. 

Mr Bernard also rejected 
suggestions that hypermarkets 
sold baguettes for as tittle as 
60 centimes - one of the key 
charges used by critics Gf large 
retailers. 

Carrefour generated a 6.1 
per cent rise to sales after tax 
to FFrl44.6bn in 1395, which it 
said was equivalent to an 8 per 
cent increase on a constant 
exchange rate basis. The 
shares rose FFr85 to close st 
FFr3,387. 

During the year, the group 
opened 24 new hypermarkets 
around the world, which far 
the first time gave it more out- 
lets to other countries than in 
France - a policy which be 
said would continue to the 
future, particularly to Latin 
America and Asia. 

It now operates two hyper- 
markets to China, 10 to 
Taiwan and one to Malaysia. 

Mr Bernard said Cairefour’s 
strategy was international 
expansion, primarily with 
hypermarkets. He said the 
group would also focus on 
tightening “organisational 
skills" to improve manage- 
ment "synergies'’ between 
countries and regions. 

Only 45.6 per cent of net 
operating income came from 
France, with 22.1 per cent 
from Spain, 20 per cent ftonf 
Brazil and 9.7 per cent from 
Argentina. Some 62 per cent of 
sales still come from France. 

The group reported net 
income from recurring 
operations iip 24.7 per cent to 
FFr2. 7bn, with a further profit 
of FFr84fim - compared with a 
loss of FFr33m last time - 
from exceptional items. 

Hypermarkets produce 94.5 
per cent of Carrefbur’s sales. 


' SHAREHOLDERS" INFORMATION 


CPU 


CROUPE BANCAIRE 
DE CESTION 
ET D'lNTERMEDiATTON 


1 9 9 5 Results 


CPR REPORTS 

GROWTH 

IN INCOME 

IN A LACKLUSTER 

BANKING 

ENVIRONMENT 


• NCT INCOME: 

ffU MU LION { . 2' J -.) 

• N| \ HANKING INCOME: 

I RF I ,S ->4 MILLION < '■O.V.A 

• RETURN ON EQUITY: 

IO.T* 

. NE1 DtVIOtND*: 

LKI 20 

IFIIJS-V IA.X OlHMt OF Ulf IUt\ 

*sui.;lu ;othc v-rnoxAi i:> jHt 

WNl M vtcum. 


CPR's Board of Directors met on February 
26. 1996. 

Consolidated net income after minority 
interests was FRF 282-6 million, as com- 
pared with FRF 276.0 million in 1994. 
New growth was reported in net banking 
income which totalled FRF 1.354 million, 
up from FRF 1.844 milfion in 1994. 
Consolidated net 
equity amounted to 
FRF 4. 09 billion as 
of December SI. 

1 995. for a balance 
sheet total of FRF 
190.5 billion. 

The banks BIS ratio 
is 132%. and 10.3 % on tier I capital 
In 1 995. the activities of CPR continued 
to develop in a generally difficult banking 
environment The interest rate trend was 
favourable, but investors remained 
prudent because of the mediocre 
investment performances of 1994 and 
the erosion of the spread and the credit 
standing of certain counterparties. 
Although client-orientated businesses 
were affected by the shift in volume to 
products with smaller margins, CPR 
reported new growth in market share. 


In this environment. CPR continued the 
strategic development of its asset mana- 
. gement and brokerage activities. - 
Constantly improving market and credir 
risk control and management. CPR 
also continues to invest in research, 
technical support systems and human' 
resources in order to maintain the 


CONTRIBUTION 
OF CORE 
BUSINESSES 
TO CROUP 
INCOME* 



* consolidated net income before goodwill amortization (FRF 333,3 million) 

high level of professionalism which has 
-guaranteed its reputation in the finan- 
cial markets. 

International subsidiaries 
In T 995. CPR's international subsidiaries 
made a major contribution to the group's, 
net income, i;e FRF 51 .9 million in 
..proprietary trading and- FRF 3.5 ndlion 
in brokerage. 

iii particular, Seccombe Marshall 
'5 Campion Pic, based in London, had 
a. satisfactory, year and contributed 
FRF'f-2.9 million Co CPR’s 1 995 income 


Outlook . 

Business in the first few weeks of 
1996 and current forecasts augur 
a more favorable environment for. 
asset management and brokerage 
activities. CPR is keenly aware of 
the implications of the implementa- 
tion of the European Monetary 
Union and of the 
intensification and 
globalization of 
competition, it 
will continue to 
develop its market 
activities and to 
reinforce the qua- 
lity of the services It offers clients 
(n order to comply even more closely 
with -the highest .International 
standards. 

The Board of Directors has scheduled 
the Annual Shareholders' Meeting for 
April 24, 1996, at' company head-, 
quarters. The Shareholders will be 
asked toapprovethe payment of a net 
dfivideridoFFRF 20 per share. As in the 
previous years, shareholders will be 
able to convert their dividends into 
new shares. 


CPR • Corporate Communications - 30 rue Sador-Georges 75312 Paris cedes 09 
Tel. 33 (!) 45 96 24 17 - Fax 33 <1) 45 9G2303 -Winrtel f 3«7 CP4UNFO 


t appegn u a anna- of ttcord onb 


The Burton Group plc 

£180,000,000 
Revolving Credit Facility 


Arranged by: 

Lloyds Bank Capital Markets Group 


Den Danske Bank 

Midland Bank plc 

Soci6t6 G6n&rale Finance 
(Ireland) Limit ed 


Provided by. 

Lloyds Bank Plc 

National Westminster Bank Plc 

Westdeutsche Landesbank 
Girozentrale, London Branch 


The Bank of Tokyo, Ltd. 
Citibank NJL 
ABN AMRO Bank N.V. 


Barclays Bank FLC 
The Royal Bank of Scotland plc 
Standard Chartered Bank 
The Sumitomo Bank, Limited 


Farifity Agent 

Ufl^dsBank 
Capa’"' 
Graap 



j 




FINANCIAL TIMES THURSDAY FEBRUARY 29 1996 


15 





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INTERNATIONAL COMPANIES AND FINANCE 


EdF blames higher taxes 
for downturn in profits 


;»r 


ii» 

.f 


C. 

-,J* 

It* 


By David Buchan 
in Paris - - • 

Electricity de France, the 
state-owned utility, yesterday 
reported an 1815 per cent drop 
in profits before government 
levies to FFr2.7bn ($541m) last 
year. 

However, It said a 10 per cent 
rise in power exports had out- 
paced the £8 per cent increase 
in overall turnover and that its 
expansion abroad would con- 
tinue fids year. 

EdF, the world's largest elec- 
tricity generator with 
FFrl88.6bn of sales last year, 
said the drop in profit was 
essentially due to higher taxes 
and a 2 per cent average cut in 
tariffs to customers. 

This was partially offset by 
an 8.4 per cent decline in finan- 
cial charges, thanks to a 
FFrlSbm reduction in debt to 
FFrl45.bn and lower French 
interest rates. The government 
reduced its levy on EdF’s profit 
from FFrl.9bn in 1994 to 
FFri5bn last year. 

Mr Edmond Alphandery, the 
new EdF president and former 
finanw minister, he would 
ask the government for “fur- 
ther margin" to invest abroad 
this year. 

Si gnifican t investments last 
year in Italian power produc- 
tion and Hungarian distribu- 
tion took EdFs shareholdings 
to FFrSJjhn in foreign compa- 
nies, which have a total worth 
of FFrSObn and serve 4m 
clients. 

EdF. which is also Europe’s 
largest electricity exporter, last 
year made FFrl6bn from its 
net electricity exports. These 
increased to all its main Euro- 
pean customers except the UK 
with which it has a flexible 
contract that allowed it to cut 
sales during the strikes in 
France last December. 

Mr Alphandery indicated 
that an alternative route for 
exports to Spain would be 
found far the trans-Pvrrenean 
line recently cancelled by the 
French government on envi- 
ronmental grounds. 

He said EdF would increase 
its international presence in 
order to capitalise on its tech- 



Edmond Alphandery: seeks further growth abroad T.m Hu*t*n» 


nicaJ know-how that last year 
helped it win the FFr450m con- 
tract to build the Ling Ao reac- 
tor in China. That contract 
would help provide work until 
France's current reactors 
needed renewing in 2010. and 
to provide financial resources 
needed for domestic invest- 
ment after 2010. 

The EdF chief saw no contra- 
diction between Increased 
investment abroad and the 
utility's determination to keep 
its monopoly of .distribution at 
home. 

He expressed hopes for an 
early end to the. impasse 
between France and many of 
its European Union partners 
on liberalising the electricity 
market, saying “we would like 
to finish this [dispute] off”. 


In a warning to EdF’s unions 
- which took strike action last 
December against EU liberalis- 
ation attempts which they see 
as a first step to privatisation - 
he cautioned that failure to 
reach an EU accord “would not 
mean the end of our troubles", 
because the European Commis- 
sion might then ask the Euro- 
pean Court of Justice to end 
EdF's distribution monopoly. 

EdF is ready to accept com- 
petition to produce new capac- 
ity in France, but wants to 
ensure that such competitors 
pass all their electricity 
through its network. EdF 
argues this is vital for 
long-term planning of nuclear 
reactors, which last year gener- 
ated 81 per cent of EdF’s 
power. 


Injection of new blood gives 
3 to Fresenius shares 



By WDBann Cochrane - 

Old hands at the takeover 
game have been marvelling at 
the share price performance of 
Fresenius, the German phar- 
maceutical and medical 
systems products group. 

Its preferred shares have 
leapt 85 per cent since Febru- 
ary 4, when Fresenius and 
WJt Grace of the US agreed to 
merge their dialysis treatment, 
products and technology busi- 
nesses .to form Fresenius Medi- 
cal Care. 

Before that, the more liquid 
preference shares had more 
than doubled in two years. 
They were the second-best per- 
former in the FAZ index of 100 
German stocks during 1995. 
alter SAP, the computer soft- 
ware group. 

Grace said at the end of last 
November that it was In talks 
with interested parties over the 
sale of National Medical Cen- 
ters. the world's biggest chain 
of dialysis centres. 

On February 2, Baxter Inter- 
national, the US healthcare 
group which was the inventor 
of dialysis treatment for kid- 
ney patients and is the largest 
supplier in the world, bid 
$3^bn in cash and shares, pub- 
licly, for NMC. 

Grace was not amused. 

Fresenius was smaller than 
the two US groups. A couple of 
decades ago, when the finan- 
cial en ginee rin g conventions of 
the time would have suggested 
a “reverse bid" for Grace, and 
much cleari ng up afterwards, 
the German company might 
have found itself unable to 


sustain its premium rating. 

However, according to a 
recent note from Paribas Capi- 
tal Markets, the German com- 
pany was no tyro. It had 
embarked on an international 
expansion programme in the 
1980s which led to penetration 
of the US, and numerous other 
growth markets such as India 
and China, where joint ven- 
tures were entered into In 1994. 


Fresenius preference 
shares were the 
second-best performer 
in the FAZ index of 
100 German stocks 
during 1995, after 
SAP, the computer 
software group 


And financial engineering 
has moved on. Two days after 
the Baxter move. Fresenius 
and Grace announced the com- 
bination of the NMC and Fre- 
senius world-wide dialysis 
businesses in a deal which 
would be preceded by a £13bn 
cash distribution to Grace, 
allowing the latter to buy back 
up to 20 per cent of its equity, 
Grace shareholders could also 
get 44.8 per cent of a new, US 
and Frankfurt-quoted company 
to be named Fresenius Medical 
Care, and preferred (profit- 
sharing; stock in FMC. Baxter 
pulled out last weekend. 

Along with other refine- 
ments, the deal offered tax 


advantages to Grace and its 
shareholders. For Fresenius, 
the effects were not immedi- 
ately calculable, but Ids Jad- 
wiga Bobrowska. an analyst at 
Merck Flnck in Dtlsseldorf, 
wrote after the deal that Fre- 
senius' s earnings, calculated 
under DVFA German account- 
ing rules, could rise from 
DM3.95 a share in 1994, 
through DM5.42 and DM7.54 in 
1995 and 1996, to DM13.80 in 
1997. 

When Ms Bobrowska penned 
this 1 note, the preference shares 
were at DM160.10 and the price 
earnings ratio coming back 
from a 1994 historic of 40.5, to 
29.5 od results which should be 
announced next month, and 
finally 11.6 on her 1997 esti- 
mates. Now, even the 1997 
price earnings ratio is over 20 
on that basis. 

German equity' investors 
love phantasie, a word which 
combines a good story with an 
appreciative, not too sceptical 
audience. The corollary, of 
course, is that when the story 
becomes fact, after a Fresenius 
EGM on April 11, speculators 
might be expected to sell. 

However, Mr Roderick Hin- 
kel the German strategist at 
Paribas, is still hopeful. A cur- 
rent update to a mid-February 
note from the broker, which 
contained an earnings 
sequence broadly in line with 
the Merck Flnck estimates, 
reckons that the Fresenius 
preference shares were still 25 
per cent undervalued a couple 
of days ago. The price then was 
DM237, indicating a 12-montb 
potential in the area of DM300. 


Notice to the Holders of Warrants 
of 

Kribln Electric Express Railway Co., Ltd. 

(the “Company”) 

issued in conjunction with 
U^L$2SO.OOO,OOQ 1 % per cent Notes 1997 
and 

U ^$250,000,000 3 Ha per cent Notes 1999 
Pursuant to Clause 4 of each of the Instruments respectively dated 19th August, 
1993 and 9th November, 1995 and Condition 11 of the Terms and Conditions of the 
Warrants thereof, you are hereby notified as follows; 

1. Pursuant to the resolution of the Board of Directors of the 

February, 1996, the Company will make a stock split (free share distribution) at 
the ratio of 1.03 for 1 to the shareholders and the beneficial shareholders of 
record as at March 31, 1996. 

2. Such stock split will resuit in an adjustment to theresp^tNe SuteCTiptton Priced 
the captioned Warrants as follows effective as from 1st Apnl, 1996 {Japan time). 

(1) Warrants issued In conjunction with US3250.000DM 1 % per cent Notes 1997: 

Subscription Price before adjustment: Yen 742.60 

Subscription Price after adjustment Yen 721.00 

(2) Warrants issued in conjunction with U.S5250430G0003 Viper cent Notes 1999: 

Subscription Pries before adjustment Yen 587.00 
Subscription Price after adjustment Yen 569.90 

Krihin Electric Express Railway Co., Lid. 

By The Faji tent and Rust Company 
As Disbursement Agent 


29th February, 1996 


Rabobank posts 11% advance for year 


By Ronald van de Krol 
in Amsterdam 

Rabobank, the big Dutch 
co-operative hank, posted an 11 
per cent increase in 1995 net 
profits to F11.43bn ($879m), 
marking an acceleration from 
the 7.3 per cent rise achieved 
in the first half of the year. 

The bank's loan portfolio 
expanded by 7.6 per cent to 
Fll93.5bn, while risks provi- 
sioning was left unchanged at 
F1840UL 

Although the bank said it 
was satisfied with 1995 results, 


it also noted that growth had 
been held back slightly by nar- 
rower interest-rate margins 
and lower commission income. 
The 1996 net profits figure rep- 
resents a slowdown in growth 
compared with 1994, when net 
profits had increased by 14J 
per cent 

Rabobank, which specialises 
In lending to the international 
agri-business sector, said it 
expected further growth at 
home and abroad in 1996. 

Difficulties facing Dutch 
fanners and horticulturists 
meant there was little credit 


demand from this sector. The 
domestic loan portfolio for the 
agricultural sector rt>6e by less 
than l per cent 

However, lending to house- 
holds and consumers showed a 
12L9 per cent rise, fuelled by 
low interest rate levels and 
buoyant mortgage lending. 
Rabobank is the biggest mort- 
gage lender in the Netherlands. 

Trending to industry, trading 
companies and the services 
sector was up 3.7 per cent, 
thoug h this was less than half 
the 1994 rate of 7.6 per emit 
“These companies remain cau- 


tious about investment in spite 
of ongoing economic recovery,” 
the bank said. 

Total revenue rose by 5.7 per 
cent to FI 8.61bn, but operating 
costs grew even faster, clim- 
bing by 6.4 per cent to 
FI5-69hn. 

The increase in labour costs, 
which make up about two 
thirds of total operating costs, 
was due partly to Rabobank's 
continued interna Hppai expan- 
sion. In 1995, new offices 
included Taipei, Melbourne, 
Beijing and Atlanta, expanding 
Rabobank's network to 77 


offices in 31 countries against 
offices and 28 countries the 
year before. 

The decline in commission 
income, from FI l.lbn to 
FI l_07bn. was linked partly to 
Rabobank’s abolition of retail 
bank charges and a cut in 
charges for European payment 
transfers, the bank said. 

Rabobank’s interest margin 
contracted from 2.39 per cent 
to 2£7 per cent, though overall 
interest income showed modest 
growth from FI 6.24bn to 
F16.39bn, thanks to higher 
lending. 


Tabacalera ahead despite declining demand 


By David White in Madrid 

Tabacalera, Spain's state- 
controlled tobacco concern, 
lifted consolidated net profits 
by 24J3 per cent last year to 
Ptal3.7lbn (Sll2m) in spite of 
declining demand from Span- 
ish smokers. 

The group, now 52 per cent 
government-owned and a can- 
didate for further privatisation 
after next month's general 
election, attributed the earn- 
ings rise to the success of a 
cost-cutting programme under 


way since 1993 and a reorgani- 
sation of its activities last year. 

Mr Pedro Pirez, chairman, 
said the improvement, which 
raised group profits to almost 
three times their level two 
years ago, was achieved in a 
“particularly difficult year" in 
which cigarette sales volumes 
fell by almost 6 per cent. 

Sales of higher-priced brands 
Cell by 9.5 per cent - a trend 
which he said showed that lit- 
tle progress was being made in 
the fight a gainst, contraband. 

Smuggled cigarettes are 


believed to take up to 12 per 
cent of the Spanish market, 
where T&bacalera has an effec- 
tive distribution monopoly in 
the legal part of the business. 

Gross revenues from sales of 
tobacco products increased, 
however, by 4 per cent to 
Pta658.7bn, reflecting a rise in 
prices as a result of higher 
tobacco excise taxes. 

The group’s move out of the 
food sector brought a 05 per 
cent reduction in overall group 
sales, net of value-added tax, to 
Pta779.1bm 


Tabacalera last year sold its 
troubled dairy arm La Lactaria 
Espafiola to another Spanish 
dairy company for Pta4bn. It 
also reached agreement with 
BAT of the UK to sell its 50 per 
cent stake in a joint subsidiary 
for PtaLlbn. 

At parent company level, net 
profit was 3.4 per cent up at 
Ptal0.79bn. This was after 
extraordinary losses of 
Pta5.57bn. reflecting the 
group's loss on its dairy divest- 
ment and the cost of a staff- 
cutting programme. 


The relative weakness of the 
dollar against the peseta con- 
tributed to a 355 per cent rise 
in operating earnings to 
Ptal6.96bn. Meanwhile, a 
reduction in the company's 
debt burden brought a 41 per 
cent cut in financial costs to 
PtaL46biL 

In spite of Tabacalera's 
improved performance Mr 
Pdrez, a Socialist political 
appointee, is expected to be 
replaced at the head of the 
group if the centre-right Popu- 
lar Party wins the election. 


AS of tfww sacutHes having been 50U. this announcement appears as a manor ot tecotO only. 


i-J ..Jt 


Repsol, S.A. 

Ptas 143.06 billion 

Global Offering 
of 

33,000,000 Shares of Capital Stock 

by 



SOCIEDAD ESTATAL 
DE PARTICLPACIONES INDUSTRIAJLES 


Sociedad Estatal de Participaciones Industries 


Global Coordinators 

Goldman Sachs International Banco Bilbao Vizcaya 


Spanish Retail and Employee Offerings 

16,500,000 Shares of Capital Stock 


Aigontarta Boisa,S.VB. 

Caja Madrid 

Confederaddn Espafiola de Catas de Ahorro 
Bilbao BJzkaia Kubca 


Bancao Biftno Vizcaya, BA. 


Banco Central Hlspano Banco Santander deNegodos 

Cafa de Ahorros y Benstonos de Barcelona, "La CA1XA" 

Banco Popular EspaAo^SA. Banco Urquijo 

Banco Esparto! de Cr6dito, SA 


BmUntw.SLA. 


Mercavalor, Sociedad de Valores y Btfsa, SA. 
NaZWnt Maitalm, SJL Banco PMtor.SJL Banco da SabaM,SA. 


Banco Zoragozano, SLA. 


AB Aseaorea 
BNP, Espafta.SA. 


Bancafa Benito & Monjardfn, S.VJL, SA. 

Ctedlt Lyonnais Securities Espafta, S.V.B^ SA. 

International and Spanish Institutional Offerings 

9,504,000 Shares of Capital Stock 


Beta Capital, S.VB M SA. 
Deutsche Bank, SA. 


Spam 

Central Hlspano Balsa, S.V.B. 

Argentarta Bolsa, S.VLB. B8V Interactive*, S.V.B. 

Banco Santander deNegotdkM Caia Madrid 

Cga de Ahorros y Petudonea de Barcelona,^ “La CAIXA" 


ABAsesoms 

FG Valores y Bolsa, 5A-.S.V.B. 


Ahorro y Corporaddn Flna n cte ra, S.VJL, SA. 

NORBOLSA, S.VJ3. 

RestofWorki 
CS First Boston 


CISC Wood Gundy Securities Inc. 


Datwa Europe United 


Goldman Sacha bitamatkinal 


Centra] Hlspano Bolsa, S.VB. HSBC Investment Banking 

Paribas Capital Markets 


Continental Europe 


Argentarta Bolsa, S.V.B. 

BBV Interacttvos, S.V.B. 
Goldman Sacha I nfamational 

Banco Santander de Negodos 


Paribas Capital Markets 

Deutsche Morgan Grenfell 
UBS Limited 


Credit Lyonnais Securities 


Dresdner Bank - KMnwort Benson 


Untied Kingdom 

Banco Samanderde Negodos SBC Warburg 

BBV Interact ! vos, S.VB. Dresdner Bank- KMnwort Benson 

Goldman Sachs Interna ti onal Merrill Lynch Intern a t i onal United 


Barclays deZoeteWedd Limited 
Credit Lyonnais Securities 


Cazenove&Co. 
NatWast Securities Limited 


United States Offering 

6,996,000 American Depositary Shares 


Goldman, Sachs & Co. 


CS First Boston 


MerriP Lynch & Co. 


JbP. Morgan Securities Inc. 


& Co. 


Deutsche Morgan Granfati 
KMnwort Benson North America Inc. 

February 1996 


Donaldson. Lufkin & Jenretfis 


Lehman Brothers 


McDonald & Company 

tuMrfite .l rx, 


Santander Investmam Securities Inc. 
Howard, Well, Labrnttate, Friedrichs 

bumponSMl 

NatWest Securities Limited Smith Bamsy Inc. 


16 


ECU 2,000,000,000 
Euro Medium Term Note 

and 

Euro D epo s it ary Receipt Pr o gra mm e 

of 

Lavoro Bank Overseas N.V. 

and 

Banca Nazionale del Lavoro S.pA 

Series N° 5 

Banca Nazionale dd Lavoro S.pA 

- London Branch - 

US$ 200,000,000 Boating Rate Depositary 
Receipts due 1999 


In accordance witfi the tarns of the Saties N° 5 Depasrtary Recepts 
fthe '’Receipts”) described in the Pricing Supplement dated as of 
August 22. 1994. nctoe is hereby given that for the Irvra rest Period 
from February 29. 1996 to May 31, 1996 the Recepts win cany 
an interest Rate of 5.55 % per annum. 

The Interest Amount payable on the relevant Interest Payment 

Date. May 31, 1996 will be USS 14.18 per 

Receipt Of USS 1 .000. USS 141 .63 Calculation 

per Receipt of USS 10.000 and A ^ ent 

USS i .41 8.33 per Receipt / KredkXbunk 

of USS iQQ.QQQ. Luxembourg 


MERCURY SELECTED TRUST (SICAV) 

Registered Office: 6D, route de Treves, L-2633 
Seimingerberg, Luxembourg 
R.G Luxembourg: B.6.3 1 7 

Shareholders are informed that the Extraordinary 
General Meeting of shareholders held in Luxembourg on 
14th February, 1996 has approved the amendments to 
the Articles of Association in the form proposed to the 
meeting. A revised Prospectus to be dated 29th February. 
1 996 reflecting the changes to the Articles of Association, 
certain other changes to the operation of the company 
including the introduction of the Eastern European Fund, 
Global Opportunities Fund and Asian Opportunities 
Fund will be available on request from the registered 
office of the Company and from the Paying Agents. 

Bearer shareholders of the former Hong Kong Fund fnow 
the Asian Opportunities Fund} are requested to submit 
their certificates to any of the Company's Paying Agents 
from 1 st March J 996 for renaming by stamping. After 
31st March 1996 only renamed certificates will constitute 
good delivery on the Luxembourg Stock Exchange. 

Paying Agent: 

S.G. Warburg & Co Ltd 
2 Finsburv Avenue 
London EC2M 2PP 

29th February 1996 The Board of Directors 


NATIONAL BANK OF CANADA 

USS 150,000,000 

Floating Rate Subord inate d Debentures due 2087 


In accrxdan03 with the provisions of the Debentures, notice is here- 
by given that for the six month interest penod from February 29. 
1996 to August 30, 1996 the Debentures wtf cany an Interest Rate 
of 3.090625 % per annum, adjusted in accordance with a notice 
published on December 22. 1 995 


The Interest payable on the relevant Interest Payment Date. 
August 30. 1996 will amount to US$ 157. 11 ■ 

for Debentures of USS 1 0.000 Reference 

nominal and USS 1.571.10 for Aj \ * geru 
Debentures of USS 1 00.000 / P7TTI_\ KredBetbank 

nominal. V l - il Luxembourg 


e 


CITICORP G 


U.S. $250,000,000 

Guaranteed Floating Rate Subordinated Capital Notes 
Due July 10, 1997 




FINANCIAL TIMES THURSDAY FEBRUARY29 I996 - 


INTERNATIONAL COMPANIES AND FINANC E 


AMERICAS NEWS DIGEST 

Shares in Internet 
providers tumble 

Shares of US Internet access service providers fell sharply 
early yesterday following AT&T’s announcement on Tuesday 
that it would offer 12 months free Internet services to its 
telephone customers. Analysts downgraded several Internet 
stocks yesterday, citing prospects for an escalating pries battle 
among companies that link home computer users to the global 
computer network. 

Netcom On-line Communications, the leading provider of 
Internet access to US home computer users, was off $2 at $20% 
in mid-session. This followed a $5 drop on Tuesday. Since the 
AT&T announcement, Netcom is down more than 25 per cent 
UUNet, another large Internet access service, saw its shares . 
fall by $2 : / s to $29%, a 16 per cent drop since AT&T revealed its 
plans. PSINet was also hit hard, down $1% yesterday at $9% 
and down 21 per cent since Monday’s close. 

America Online, the leading online information service, 
which also provides access to the Internet for home computer 
users, was trading at $46 yesterday, down $3%. It has dropped 
almost 15 per cent on the prospect of competition from AT&T. 
Netscape Communications, which will provide software to 
AT&T's new Internet customers, was trading at $51%. down 
$2’/i at its lowest level since a two-for-one stock split earlier 
this month. Louise Kehoe . San Francisco 

Wells Fargo deal cleared 

Wells Fargo, the US bank, has reached agreement with the US 
Department of Justice and the Office of the Attorney General 
for California over divestitures connected with its proposed 
merger with First Interstate Bancorp. Hie sales involve 61 
brandies in California with about $i5bn in deposits and 
$l.3bu in loans. Although widely expected, the divestiture was 
among the largest the Justice Department's antitrust unit has 
ever required. The Justice Department said the divestiture 
was needed to resolve concerns that the acquisition would 
I reduce competition for banking services for small and 
medium-sized businesses in almost 30 separate markets. Wells 
Fargo said the sales were unlikely to have a material impact 
on the net income of the combined company. It added that 
talks between Wells Fargo and potential purchasers were 
under way. The merger is expected to be completed on April 1. 

Reuter, San Francisco 

Otis Elevator shows growth 

Otis Elevator, a unit of United Technologies of the US, said 
yesterday its 19% worldwide revenues increased to $SJ29bn 
from $4.64bn in 1994 and its operating income rose 21 per cent, 
to $511m from $42 lm in 1991. About 85 per cent of the 
company's revenues were generated outside the US while the 
Asia-Pacific region generated the most sales of new 
equipment Otis said 1995 was its “most successful year ever”. 
Mr Jean-Pi erre van Rooy, president said that for the 
immediate future it “expects continuing dramatic growth of 
our business in Asia-Pacific, strong profitability from our 
European operations and continuing recovery in North and 
South America". In North America, where business has been 
hurt by a construction industry downturn, Otis said it saw 
exceptionally strong gains in 1995. Reuter. New York 

■ Columbia Gas System of the US is selling its Columbia Gas 
Development offshoot to Hunt Petroleum, a privately-held 
exploration and production concern. Columbia Gas 
Development is the company's Houston-based oil and gas 
exploration and production unit Columbia said it would 
receive about $200m cash, plus an overriding royalty interest 

in certain oil and gas leases. Reuter, Witmmgton j 

■ Canadian Pacific's Marathon Realty Co plans to sell its 
stakes in nine of the shopping centres that were transferred - 
earlier this month to CP. The stakes will be sold to a third 
party. Marathon said it would also sell six office buildings. 

The moves are part of an asset sales programme because of 
the need to pay down debt. Reuter. Toronto 

U Coastal Carp, the US energy group, is seeking buyers for its 
coal operations, which had 1995 operating revenues of $459.6m 
and operating profits of $98.7m. Lehman Brothers has been 
retained as financial adviser on the sale. Reuter, Houston 


Resistance to newsprint price rises 


By Bernard Simon in Toronto 

North American and 
S candina vian newsprint mills 
have encountered strong resis- 
tance among customers to 
price rises which are due to 
take effect in April. 

European publishers are also 
understood to be challenging 
increases that were put in 
place by some Scandinavian 
producers at the beginning of 
the year. 

Newsprint prices have 
almost doubled since late 1993 
and, until recently, they were 
largely unaffected by the 
slump that has hit other paper 
grades since last summer. 

But Mr Brace Kirk, analyst 
at SBC Warburg in New York, 
said: “I will put a bet that the 


price increase will largely not 
happen." A buyer at one Euro- 
pean newspaper group added 
that “the word is going around 
that the market is softening” - 

North American mills are 
due to raise their list prices 
from US$825 to $875 on April L 
UPM, the big Finnish producer, 
is akn tiring to persuade cus- 
tomers to accept an increase 
following rises of between 4 
pa: c ant and 13 per cent by its 
European rivals in January. 

Newsprint has so for been 
reiphinnpfl fr om the downturn 
in other paper markets by an 
absence of new capacity in 
North America, and by buoy- 
ant demand in east Asia and 
Europe. Most recently, the 
market has been supported by 
fears erf a strike at Stone-Con- 


solidated, one of the biggdst 
Cana dian producers, which 
unions have chosen as their 
primary target in labour con- 
tract talks. 

But a growing number of 
newspapers have responded to 
the ponce spiral in 1994-95 by 
trimming newsprint consump- 
tion. For instance, they have 
reduced the web size of print- 
ing presses and turned to ligh- 
ter paper grades. North Ameri- 
can demand has been further 
dented in recent weeks by dis- 
appointing advertising lineage, 
reflecting the weak overall 
economy. 

Mills as well as newspapers 
axe offering surplus tonnage, to 
brokers for disposal. Mr Leo 
Schenker, senior executive 
vice-president at Central 


National, a large OS hroker, 
said that “we can get man 
cage than our contradts^jmt 
not at bargain prices". m 'V:- 

As a result, rising quantities 
of North American newsp&t 
are finding their wayabrded. 
According to Pulp and 
Week, an industry pubhcsftfggij' 
spot prices in Aria have 
bled by about 20 per centring 
last autumn. Canadian pro&fe^ 
ers are also understood to 
stepped up exports to theCfc.' 

The duration and extent - ^/ 
the downturn is expected fo; 
depend largely on economic;, 
conditions, especially in' the' 
US. Some analysts are opticas-, 
tic that the US presidential' 
election and the summer Qibfmv 
pics in Atlanta will revive- 
demand in coming months. - 


US mutual funds again investing overseas 


By Richard Waters 
In New York 

Small US investors have 
rediscovered their appetite for 
foreign equities. 

After a year in which share 
prices at home monopolised 
their interest, US mutual fund 
investors have turned their 
attention overseas again in 
recent weeks, particularly to 
the emerging markets of south- 
east Asia and Tatin America. 

The result has been a jump 
in the capital being exported 
by US fund managers, accord- 
ing to figures compiled by 
the Investment Company Insti- 
tute, the mutual funds’ trade 
association. 

Net sales of shares in inter- 
national equity funds to US 
investors jumped to $6.4bn dur- 
ing January - a level not seen 
gin/«p January 1994, and almost 
as much as the amount 
invested abroad during the 
whole of 1995. 

To judge by the experience of 
some of the country's biggest 
fund groups, the demand for 
international shares has 
remained strong in February, 
though sales have not nm trhftri 


January's sudden explosion of 
interest. 

Mr David Hale, an economist 
at Zurich Kemper Investments 
in Chicago, said mutual funds 
hart proved the most fickle ele- 
ment in US international port- 
folio investment the country's 
pension funds, by contrast, 
have invested a steady $35bn 
or so a year overseas in recent 
years. Their return to foreign 
investing, if sustained, could 
help to underpin the rebound 
in emerging markets this year. 

Fidelity Investments, the big- 
gest US mutual fund concern, 
said its international equity 
funds attracted $lbn of new 
money during January. During 
1995, by contrast, a net $L2bn 
had flowed out of the funds. 
Much of that new money is 
headed for south-east Asian 
markets. Fidelity added. 

February has brought a slow- 
down, probably to around 
S270m of new money. Fidelity 
said - though that still repre- 
sents a far greater interest in 
international diversification 
among small US investors than 
for some time. 

Scudder Stevens, another 
fimds group, also reported con- 


Interoa tiopaleqidtryqnds 



tinning interest in interna- 
tional binds during February. 
There had also been an 
increase in interest in Euro- 
pean equities, it added. 

The rebound in demand for 
foreign stocks among small 
investors suggests the sudden 
popularity of international 
investment in the second half 
of 1993 was more than a one-off 
event 

From a level of $5bn in 1992. 
the money pouring into inter- 
national mutual funds soared 
to $26bn in 1993 and $27bn in 


1994 before drying up again in 
1995. 

According to Mr Hale, th* 
large industry that bas devel- 
oped in the US around foreign 
investment suggests that, 
whatever the short-term 
swings in demand, this will 
remain a long-term factor' in; 
mutual funds investment “We 
never had this infinstruetzme - 
for exporting capital before;" 
he said. The Investment Com- 
pany Institute currently tracks - 
378 mutual funds which invest' 
exclusively in international 
equities, compared with only 1 
24 a decade ago. 

Despite signs that US inves- - 
tors have tinned back to inter- 
national diversification, money 
flooding into domestic equity 
funds also hit a new record 
during January. The funds 
made net new sales of $20.9bn, 
almost four times the level of . 
January 1995, according to the 
institute. 

The new cash, and die con- 
tinuing rise of the US stock 
market pushed the total value . 
of all US mutual funds up to 
S2.924bn at the end of January, 
compared with $&203bn a year 
before. 


Coca-Cola Fe 


M 


sa lifts Argentine stake 


By David Pilling 
in Buenos Aires 

Coca-Cola Femsa. the Mexican 
bottler, has injected S l2lm into 
its Buenos Aires operations. 
Coca-Cola Femsa de Buenos 
Aires (Eofba), raising its stake 
from 51 per cent to 75 per emit 
The deal will help to finance 
the recent 856.5m purchase by 
Kofba of San Isidro Refrescos, 
the Coca-Cola franchisee for 
one of the Argentine capital’s 
wealthiest suburbs. It also 
includes a share pur- 


chase from The Coca-Cola 
Export Company, which holds 
the remaining 25 per cent of 
Kofba. 

Coca-Cola Femsa, which 
entered the Argentme-market- 
m September 1994 when it paid 
S94^m for 51 per cent of the 
Buenos Aires bottler, retains a 
two-year option to buy the 
reaming quarter of Kofba. Ana- 
lysts expect it to exercise this 
option next year. 

The move demonstrates 
Coca-Cola Femsa’s commit- 
ment to Argentina despite last 


year's recession which saw 
soft-drink sales drop an esti- 
mated 12 pm* cent Although 
sales are only expected to 
bounce back by about 4 per 
cent this-year. analysts believe 
Arg entina remains an attrac- 
tive market Argentina’s 33m 
people are among the world’s 
highest per capita consumers 
of cola. 

Mr Enrique Klix, beverage 
analyst at Kleinwort Benson, 
said the deal should .enable 
costs to be reduced as Coca- 
Cola Femsa consolidated its 


control of the bottling 
operations. Coca-Cola Femsa 
was seeking to break its depen- 
dence oh the Mexican market 
and was banking, on the medi- 
um-term strengtir of Argen- 
tina’s soft-drinks market, he 
said. - 

• Danone, the French food 
conglomerate, has taken a 40 
per cent stake in Argentine 
mineral water company Villa 
del Sur. The price was not dis- 
closed. Villa del Sur controls 38 
per cent of the $250m mineral 
water market. 


US West brings new guest to the Time Warner party 


Nolice is hereby given that the Rote oF Interest has been Fixed at 
5.375% and that die interest payable on the relevant Interest 
Payment Date, March 29, 1 996 against Coupon No. 51 in respect 
oF USS T 0,000 nominal of the Notes will be USS43.30. 

Fubrvory 29, 1 996, London 

By: Citibank, N A (issuer Services), Agent Bank CfTIBANv , 


The Chase Manhattan Corporation A 
U.S.$1 75,000,000 «— 

Floating Rate Subordinated Notes due 1907 

Notice is hereby given that the Rate of Interest has been fixed at 
5.5625% and mat the interest payable on the relevant Interest 
Payment Date May 31. 1996 against Coupon No. 42 in respect of 
US$10,000 nominal of ihe Notes will be US$1 42.15. 

Februory 29, 1 996, London 

I fly: Chi bank, N A (Issuer Services), Agent Bank CiTlBANd^^ 


\ FUTURES PAGER 

1 

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• MARKET NEWS & UPDATE 24 HRS A DAT 

FREE 10 DAY TRIAL 

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m- Over 90,000 issues » News headlines 
U.S. & int i data As low as $9/day! 

— For more information on Signal, call 



U.S. $125,000,000 



BANK OF BOSTON 
CORPORATION 

Floating Rate 

Subordinated Notes Due 1998 

Issued 26th August 1936 

Interest Rate 5.3625% per annum 

Interest Period 29th February 1996 

31st May 1996 

Interest Amount per 
U.S. $50,000 Note due 

31st May 1996 U.S. $685.21 

@ CS First Boston 

Agent 


Sllbn takeover of Continental Cable enhances telecoms group’s potential, reports Christopher Parkes 


U S West has changed its 
tune since last year 
when it blew the whis- 
tle on the proposed merger of 
the US entertainment and 
media giants Time Warner and 
Turner Broadcasting System. 

The Colorado-based Baby 
Bell telephone company paid 
£L5bn for a 25.5 per cent stake 
in Time Warner’s TWE cable 
TV division in 1993. Fearing 
that it might lose managemen t 
influence as a result of the pro- 
posed TBS merger deal, US 
West issued a legal challenge. 

But everything is different 
now, following US West's 
Sllbn move this week to take 
over Continental Cablevision - 
tbe third biggest US cable com- 
pany - and s o b ring rather 
more to the TWE party than 
just its know-how in running a 
telephone business. 

On Tuesday morning, even 
before US West and Continen- 
tal executives bad a chance to 
air their expectations. Mr Ger- 
ald Levine, president and chief 
executive of Time Warner, no 
less, was on the line faxing his 
unequivocally sunny forecast 
“The strategies of US 
West . . . Continental Cablevi- 
slan and Time Warner cable 
are virtually identical, thus 


creating the potential for 
further affiliating these well- 
positioned [cable and telecoms] 
systems in future," he said. 

As Continental and US West 
Media executives made plain at 
their celebratory press confer- 
ence. the newly-configured 
partners now had more fruitful 
ways of spending their time as 
a menage a trots than swapping 
writs. 

Deregulation in the telecoms 
sector and relaxed controls 
over the cable industry have 
recently transformed tbe land- 
scape of the US electronic com- 
munications market Broad- 
casting, cable, long-distance 
and regional telephone compa- 
nies may now operate freely in 
one another’s markets. 

There are obvious mutual 
advantages in the US West- 
Continental strategy. 

The principal benefits for 
both sides include access to 
management expertise and 
proven, branded products in 
service sectors which - despite 
the similarity in delivery mrth- 
ods - are by temperament as 
different as Tom and Jerry. 

But underlying all the dis- 
cussions of the potential for 
telecoms, broadcast and cable 
within one another's markets 


US West/Time Warner 


Share prioeB relative to. me S&P Composite Index 



tbe players are of comparable 
weight 

As Mr Amos Hostetter, 
co-founder of Continental, said 
last year, his company was 
only a tenth the size of the 
average regional Bell operating 
company. While Continental’s 
cabled areas were counted 
among the most efficiently 
grouped or “clustered" in the 
US, in one of its main markets 
- New England - it was 
dwarfed by Nynex, the domi- 
nant telephony carrier by a 
factor of 50 to one, he said. 

Mr Hostetter also demon- 
strated some reluctance to be 


are two common, untested 
assumptions. 

The first is that there is suf- 
ficient potential in the sector 
as a whole to ensure continued 
profits growth, not only for 
established players but also for 
emerging direct broadcast sat- 
ellite and so-called “wireless 
cable" providers, which are 
making rapid inroads into tele- 
vision programme distribution. 
They are threatening to do the 
same in telephony and other 
digital services. 

Tbe second is that the level 
playing field provided by the 
regulators is a benefit only if 


swept along by certain 
euphoric assessments of where 
the market was headed. The 
“communications revolution" 
simply was not going to hap- 
pen if, in economic terms, it 
amounted merely to redistri- 
buting the volume of business 
currently available, he said. 

Telephone companies could 
not justify the investment 
needed to win a share of a 
cable TV sector worth some 
$20bn in annual sales. “You 
have to think in terms of a 
whole range of services not 
being bought today," he said. 

Speaking from the relatively 
comfortable position of one 
with extensive, high-capacity 
fibre-optic and coaxial cable 
connections, he claimed phbne 
companies would need to add 
between $50bn and $100bn of 
new video and broadband ser- 
vices to the existing miy to 
make the “revolution" pay. 

O ther recent connec- 
tions in the sector - 
including AT&T’s 
stake in the DirecTV satellite 
broadcasting concern, and the 
link between MCI Communica- 
tions and News Corporation for 
a joint venture - have "been 
made on the assumption that 


filling up to 4D0 channels with 
saleable services will not pres- 
ent any problems. 

Many have set up joint ven- 
tures with creative services 
experts such as talent agencies 
and with software companies 
which are leading the search 
for ways of broadening the 
appeal of the Internet and 
developing interactive prod- 
ucts to sell both to consumers 
and business. 

Scepticism is certainly rife 
among the hard-heads of the 
television business that there 
is much scope for new-fangled 
interactive consumer offerings. 

Mr Stanley S. Hubbard, a TV 
veteran and DBS pioneer pro- 
claimed two weeks ago that 
the telephone companies were 
being made the willing dupes 
of “silicon snake-oil" sales men 
“People have no interest in 
interactivity. They interact all 
day and they don’t want to do 
it at home," he said. 

For US West, which now 
seems increasingly likely to 
stay hitched with Time Warner 
- the world's biggest media 
and e nter tainment group - the 
creativity gap suddenly seems 
a far less pressing concern 
ttan for others in the plain old ' 
telephony business. 


U.S. $300,000,000 

Scotiabank 5 

THE BANK OF NOVA SCOTIA 

Floating Rate Subordinated 
Capital Debentures Due 2085 

Interest Rate 5.375% p.a. 

Interest Period 29th February 1996 

30th August 1996 

Interest Amount due 
30th August 1996 

per U.S. $ 10,000 Debenture U.S. S 27323 
per U.S. SI 00,000 Debenture U.S.$2,73Z30 

@ CS First Boston 

Agent 


U.S. $250,000,000 



BANK OF BOSTON 
CORPORATION 

Subordinated 

Floating Rate Notes Due 2001 

Issued 10th Februarv 1966 

Interest Rate 5.4375% per annum 

Interest Period 29th February 1996 

31st May 1996 

Interest Amount per 
U.S. $50000 Note due 

31st May 1996 U.S. $694.79 

CS First Boston 

Agent 


COMMERCIAL UNION PRIVILEGE PORTFOLIO SICAV 

Reglnmd Office: 

Gtlerie Rons. 26 Place de la Garc 
floor 

H6I6 LUXEMBOURG 
R.C La m nbo ui g BJ2640 

DIVIDEND ANNOUNCEMENT 

^° ln,ne " t:iaJ Portfolio renounce e dividend distribution oavabte 

2Wi February 1996 for the fbttowinp W 

Dcuj schmibtRc8cr»c 0.170390 raw _ 

Y^Rc*™ Co^onnolO 

Staling Resent ao£w! C<wpc«MK)9 

US Dollar Reserve 0265300 ?«n Coupon no II 

qTT 2? Coupon® 10 

MmJcnrt, Coupon no 10 

^ hcanzr sharei prcgcnraaco of tbe reaped] vc 

“Lu^m*** CKAOT, MANHATTAN BANK, LncmboarE S jv. 

®ank van Breda & cos«au 
Ptaa.reM0rtBld.29S. IW,4« ANTWERPEN 


Uwa 





17 



>4 Si- 


rice 


FINANCIAL TIMES THURSDAY FEBRUARY 29 1996 




INTERNATIONAL COMPANIES AND FINANCE 


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Fletcher Challenge to split in three 


By Terry Han in Wellington 

Fletcher Challenge, the New 
Zealand forestry and resources 
group, is to .split itself into 
three new companies, each 
with stock exchange listings in 
New Zealand, Australia and 
New York. Ex istin g sharehold- 
ers will receive Dree shares in 
Fletcher Challenge Paper. 
Fletcher Challenge Building, 
and Fletcher Challenge 
Energy. 

The company said the move 
was, designed to allow portfolio 
investors to focus investments 
on specific parts of Fletcher 
Challenge’s worldwide' 
operations. It follows the suc- 
cessful float of a specialist for- 
estry division two years ago. 

Under the capital restructure 
the present Fletcher Challenge 
Ordinary Division share will 
cease to be traded on March 22, 
although the existing parent 
holding company will continue 


Fletcher Challenge 

Share price retelhre to the Cep 40 Index 

IIS — : f— — 


Nat profits (N2$rr>) 

— ^ — — 800 



Sour* FT Extol 

to manage the various 
companies. 

Mr Hugh Fletcher, chief 
executive, said the decision fol- 
lowed soul searching by direc- 
tors who had become dismayed 
at the poor performance of the 
Ordinary share price, which 
has been trading well below 


1M0-1. ' BZ-3., i 04-S 

Veer and June 30th 

fhp valuation placed by ana- 
lysts on its component parts. 
Yesterday the shares were 
trading at NZ$3.38, compared 
with analysts’ valuation of 
NZ$4.Z5. 

Mr Fletcher said the changes 
involved no cash demands or 
tax liabilities, and would lead 


to lower borrowing costs 
because lenders would retain 
access to diversified cash 
flows. The dividend policies 
would See 30 per cent of earn- 
ings flow to the paper division, 
60 per cent to building division 
and 10 per cent to the energy 
division. 

The announcement came on 
the day Fletcher Challenge 
announced consolidated earn- 
ings of NZ$360m (US$243m) for 
the six months to December 31 
compared with NZ$1 76m for 
the year-ago period. There 
were no abnormal items. 

The Ordinary division dou- 
bled net earnings from 
NZ$14lm to NZ$283 m. while 
Fletcher Challenge Forests 
advanced from NZ$22m to 
NZ$48m. 

The Ordinary shares divi- 
dend is raised from 6.25 cents 
to 8 l 5 cents, and the Forests 
dividend is unchanged at 3 
cents. 


Israeli telecoms group at record 


ByAvi MacNfa In Jerusalem 

Bezeq, Israel’s state-owned 
telecommunications group, 
yesterday reported record 
annual net profits up 80 per 
cent from Shk3l4.1m last time 
to Shk566m ($182m). 

The improved results came 
as government officials said six 
consortia had registered to bid 
for a tender which closed yes- 
terday to compete against 
Bezeq in providing long- 
distance telephone services. 

Bezeq said net profits in the 
fourth quarter to December 31 


1695 jumped 36 per cent - to 
Shkl63.9m - compared with 
the same quarter a year ago. 
Revenues declined slightly In 
the quarter, from Shk2bn to 
Sbkl^bn, but annual revenue 
rose 9.7 per cent from Shk6.5bn 
in 1994 to Shk7.2bn in 1996. 

Bezeq said the sharp 
increase in profits was a result 
of the rapid expansion In 
Israel's cellular telephone 
market 

Reduced rates for telephone 
calls imposed on file company 
by government were offset by 
growth in the scope of local 


and international activity. 

However, Bezeq's revenues 
are likely to be hit in 1996 by 
the opening of the interna- 
tional telephone sector to com- 
petition. A sixth consortium, 
including US operator Bell 
South, the Brazil-based Safra 
banking group, Israel's Dis- 
count Investment Corporation 
and Teleglobe of Canada yes- 
terday registered to participate 
in the tender. 

A government committee 
will review the bid over the 
next nine mouths and award 
two licences to compete with 


Bezeq in International phone 
services. 

Bezeq, however, has won 
several substantial contracts to 
participate in India's ongoing 
telecommunications expansion. 

The Israeli group is slated 
for privatisation but a planned 
global public offering of 25 per 
cent of the company was can- 
celled last year after Cable and 
Wireless of the UR quietly 
brought up 10 per cent of the 
company on the Tel Aviv stock 
exchange. Bezeq shares closed 
up 2 per cent in Tel Aviv yes- 
terday at Shk8.91. 


Thai bank shares shake off doubts 


By Ted Bardaefce in Bangkok 

Shares in two of Thailand's 
largest commercial banks, 
Bangkok Rank and Thai Farm- 
ers Bank, steadied after a 
three-day slide as investors 
warmed to the details of their 
surprise announcements of 
capital increases. 

Last week, Thai Farmers 
Bank announced it would raise 
its registered capital by 
Bt2.2bn . to BtlObn ($397m) 
through an issue of new shares 
and warrants. 

Some 20m new shares will be 
sold to the public at market 


price, while current sharehold- 
ers will be eligible to purchase 
warrants fbr Bt25 in a ratio of 
one warrant for every eight 
shares held, for which 100m 
new shares would be reserved. 

The hank is also p lanning to 
issue debentures worth 
Bt5.5bn. The total capital 
increase would amount to 
about Btll.Shn, or just over 20 
per cent of total equity. 

At the amifl time, Bangkok 
Bank announced it would 
launch subordinated convert- 
ible debentures, or Tier 2 capi- 
tal, wrath up to $400m with 
maturities not exceeding. 10 


years. Some 50m new shares 
would be allocated for poten- 
tial conversion of debentures. 

As these two banks have 
some of the largest capital ade- 
quacy ratios in the industry, 
shareholders and analysts 
were surprised by the 
announcements. Concern 
about the dilutive effect on 
gaming s was paramount and 
apparently the market had 
foiled to discount that a mar- 
ket recovery in Thailand would 
bring with it a slew of capital 
raising schemes. 

But initial calculations have 
shown that dilution will be 


slight, and for Thai Farmers 
the capital-raising exercise 
could be anti-dilutive as the 
Bt20Q exercise price of the new 
warrant is at a premium to the 
current market price, accord- 
ing to brokers H.G. Asia. 

The attractiveness of the 
new warrants is so strong that 
the price of outstanding war- 
rants, which have an exercise 
price of Btl88, has tumbled 13 
per cent since last Wednesday. 

Thai Farmers' shares closed 
Bt4 lower at Bt228 and Bang- 
kok Bank was off Bt3 at Btl86. 
This follows heavier foils over 
the past three trading days. 


Japanese 
banks detail 
write-off 
forecasts 

By EmlKo Terazono in Tokyo 

Two Japanese banks yesterday 
released details of the losses 
they expect to announce for 
the current full-year as a 
result of writing off bad loans. 

Many of Japan’s banks are 
expected to past losses in the 
current business year, largely 
as a result of bailing out the 
country’s bankrupt housing 
loan companies. 

Fuji Bank, a leading com- 
mercial bank, said it wonld 
post recurring losses - before 
extraordinary Items and tax - 
of Y440bn ($4.21 bn) and net 
losses of Y400bn in the year to 
March. However, it hoped to 
raise Y50tm by realising prof- 
its on Its pr o perty holdings. 
The h ank said it would sell its 
Osaka branch building and 
other assets to Nihonbashi 
Kogyo. an affiliate, which 
would then lease the buildings 
back to Fuji Bank. 

Tokai Bank, another com- 
mercial bank, said it would 
incur a recurring loss of 
Y340bn for the year to March, 
its first deficit since 1946. The 
bank said it would write off 
Y800bn in loans to the finan- 
cially ailing housing loan com- 
panies - which are likely to be 
liquidated - and non-bank 
financial institutions during 
the 1995-96 year. 

Tokai said its net loss would 
total Y350hn, and added that it 
would cut the «mhm 1 dividend 
by Y2 per share to Y6.5. The 
bank planned to forgo bonus 
payments to executives and to 
implement a restructuring 
programme which would 
include a pay freeze and 
redundancies. 

The bank plans to issue pre- 
ferred shares in April to 
increase its capital which win 
be depleted by the write-offs. 

• Standard and Poor's, the US 
credit rating agency, yesterday 
announced that it had placed 
Industrial Bank of Japan’s 
long term debts, currently 
rated at A plus, on credit 
watch for a possible down- 
grade. The agency said the 
move refected its heightened 
concern over the bank’s asset 
quality in light of the very 
large expected write-offs of its 
exposure to the housing loan 
companies. 


Indosat forecasts PLDT blames flat result on 
slowdown this year labour and currency costs 


By Manueia Saragosa 
In Jakarta 

Indosat, Indonesia's state- 
controlled satellite telecommu- 
nications company, expects net 
profit to rise by between 8 per 
cent and 10 per cent this year, 
compared with last year’s 59 
per cent increase. 

The company, which made 
its announcement yesterday to 
Indonesia's parliament, implied 
the slowdown in profit would 
be caused by slower growth in 
international telephone traffic 
which it saw increasing by 
between 13 per cent and 15 per 
cent this year. International 
telephone traffic increased 19 
per cent last year. 

The slowdown in growth had 
been predicted by analysts who 
expect Satelindo, a rival inter- 
national telecoms services pro- 
vider in which Indosat has a 
minority stake, to increase its 
market share this year. 

Growth-in net income is also 


expected to slow as Indosat’s 
net interest income declines. 
Indosat said yesterday it aimed 
to spend Rp560bn ($244m) on 
international telecommunica- 
tion facilities, participation in 
joint operating schemes and 
other projects supporting its 
core business. 

Cash for these investments 
will crane from funds the com- 
pany raised in 1994 when it 
was partially listed in New 
York and Jakarta. At that 
time. Indosat placed a large 
slice of the money raised in 
time deposits, which helped 
bolster its net income figure 
last year to Rp459.4bn. 

Separately. PTT Netherlands 
was name d a front runner to 
replace a Malaysian company 
in a consortium to set up a 
new telephone network in 
Indonesia's waVimantan island. 

If successful, the deal would 
mark PTT’s second venture 
into the Indonesian telecoms 
market in the past month. 


CITICORP O 

U.S4360,000,000 " 

Sdm ntimifa-ri Wiwtiry Ttate Notes Poe Novranbo* 27. 2035 
Notice b hereby given lliat fhe Rate of Interest has been nxed at 
5.6% rh respect of me .Original Nates and 5.6875% in respect of me 
Enhanceme nt Notes, end that the interest payable on the 
Interest; Payment Date March 29, 1996 against Coupon No. 124 in 
respect aFUS$ 10,000 nominal of no Notes wffl be US$45.1 1 in resped ot 
foe Origind Notes and USS45B2 in respect of die Enhancement Notes. 

U.S .$500,000,000 


Notice is hereby given that the Rate of Interest has been fixed at 
5.41 25% and mat fhe Interest payable on the relevant Interest 
Payment Dote March 29 1996 agomst Coupon No. 125 in rasped 
of US$10,000 nomind of the Notes will be US$43.60. 

~ •' • U.S^500,000,000 


Notice is hereby given that foe Rate of Interest has Iseen fixed at 
5,3875% and mat foe interest payable on the relevant Interest 
Payment Date March 29. 1996 against Coupon No. 122 in resped 
of US$10,000 nominal of foe Notes will be US$43.40. 

ILS-$350,000,000 “ 


Notice is hereby given that the Rate of Interest has been fixed at 
5.4375% and that the interest payable on the relevant Interest 
Payment Dale May 31, 1996 against Coupon No. 39 in respect at 
0,000 nominal oFthe Notes wifl beU5$1 38.96. and in respect 
of US$250,000 nominal of foe Notes will be US$3,473.96. 

U-&$500,000,000 

Subordinated Floating Rate Notes Da® Mfl(y 29, 1996 
Notice is hereby arven that me Rate of Interest has. been fixed at 


of US$25b,QQ0 nomiixil of foe Notes wfl be US$3,473.96. 

ftbW29,19% . 

Bf. O Sank, NA (bsuer Serricas), Agent Bank GfT1BAN(& 


By Edward Luce in Manila 

Philippine Long Distance 
Telephone Company (PLDT;, 
the privatised national carrier 
and the most traded Philippine 
ADR in New York, yesterday 
reported almost flat profits in 
1995, blaming labour costs and 
currency problems. 

The disappointing 2.6 per 
cent net profit rise to 4.9bn 
($l87m) pesos was partly dis- 
guised by an 18 per cent 
growth in non-recurring profits 
after the dilution of PLDTs 
stake in Piltel, its mobile 
phone subsidiary, at the cellu- 
lar operator’s IPO last year. 
The IPO netted PLDT 1.3bn 
pesos. 

PLDT said a 25 per cent 
across-the-board pay rise fra- its 
employees, plus the rising 
costs of the company's Zero 
Backlog expansion programme 
(a government mandate to 
install 2.63m new telephone 
lines before 2000), had pushed 


LEGAL 

NOTICES 

UK NORTHERN tNUEPENDEVT 
INTERMEDIARIES LOOTED 
NOTICE 15 HEREBY GIVEN dm ■ meant 
acdlun In tbr ibmc inner It to be held m The 
MM Hook Haul, Higher Budge Sued. Bolwo 
on die 29th cby erf Februtry 1W6 b lift! noon, 
lb comktef my prapmih under l 23<1) of dm 
Insolvency Act' 1911ft end io consider 
cm bh d t lngi Creators co n unl ace. 

Ip order to bo eelbkd 10 vote u die tneeiiqg yee 
must give id me derails ta wntuig of jour claim, 
inchidinf any nlcitiailoa for it* parpenes of 
Rules 2.24 in 2.27 of tlw Insolvency Rules 
19M. or a prosy Dm tan lodaed w«i me wMdi 
yoo bvend to be uaed no your behair. not later 
Ami I2JO noon ou Iho busswu diy before the 
day Cued to Aa mosnofr 
Cased 27A Februvy l«6 

G N RATCIJH-t Hie AAninl omnr • 

Fed Home. 2 Charley Old Ros& 

Baton. BLI JAA 


To Advertise Your 
Legal Notices 

Please contact 
Lesley Sumner on 
Tel: +44 01 7 t 873 3303 
Fox: +44 01 7) 873 3064 


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“ PUBLIC 
SPEAKING 

Training and speech writing 
by award winning speaker. 
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expenses up foster than profits. 

Operating costs rose 18.4 per 
cent to 16.8bn pesos while oper- 
ating revenues grew 13J5 per 
cent to 25J2bn pesos. Earnings 
per share before unusual items 
fell 9 per cent to 69.6 pesos. 
Yesterday's results were 
already discounted, and the 
company's shares closed 25 
pesos higher at L575 pesos. 

“These are poor results hut 
they were not unexpected.” 
said Mr Alex Pomento, an ana- 
lyst at Barings Philippines in 
Manila. 

“Apart from the currency 
problems PLDT also suffered 
from moving to international 
acco unting standards last year 
which affected tax payments. 
We expect earnings growth 
this year to be more like 20 per 
cent" 

The company said the poor 
growth resulted from a rise of 
only 9 per cent rise in interna- 
tional telephone revenues, 
which make up 60 per cent of 


PLDTs overall revenues, and 
the depreciation of the peso 
which ate into the company’s 
dollar earnings. 

Analysts, however, were 
bullish on PLDT's medium 
term prospects, citing the 
expected benefits of fhe rapid 
fixed-line expansion plan and 
improvements on labour pro- 
ductivity. 

PLDT posted a non-recurring 
loss of 520m pesos last year in 
redundancy payments to 960 
employees. The programme of 
job cuts is expected to 
continue. 

Analysts said the replace- 
ment of the 3 per cent fran- 
chise tax with a 10 per cent 
value added tax last month 
would also widen margins 
because PLDT can pass the 
new charges directly on to the 
consumer. At a p/e of 19, 
PLDTs shares are in line with 
the composite average but con- 
sidered a good medium term 
investment 


To the holders of A shares 
in Tele Danmark A/S 

Notice of the redemption of A shares 

Pursuant to Sections 8 and 8a of the Act No 501 of 
22 June 1995 to Regulate Certain Aspects of the 
Telecommunications Sector, the right to redeem all 
privately held A shares in Tele Danmark A/S will be 
exercised with effect from 1 March 1997. 

In that connection notice is hereby given concerning 
the redemption of all privately held A shares in Tele 
Danmark A/S with effect from 1 March 1 997. The 
A shares will be redeemed at a price of DKK 125 per 
share, free of charge for the shareholders. 

The private holders of A shares will receive dividend 
for 1 996 and proportional dividend for two months 
of 1997 in accordance with the resolutions passed 
at the Annual General meetings of Tele Danmark A/S 
to be held in 1997 and 1998. 

Copenhagen, 29 February 1 996 


Ministry of Research and 
Information Technology 


ASIA-PACIFIC MEWS DIGEST 

Giordano shares 
suspended in HK 

Shares in Giordano International were suspended yesterday as 
the Hong Kong Stock Exchange sought clarification 
tvrrwwning the sale of shares in the company by Mr Jimmy 
Lai, the founder of the fast-growing clothing retailer. 

A placement of Mr Lai’s remainin g 27 per cent stake in the 
company, with an estimated value of about USSISOm, was 
Ippnrhuri on Tuesday in London and New York. Placements 
are also due in Tokyo, Hong Kong and Singapore. 

The stock exchange said the suspension followed an earlier 
statement by Giordano indicating fhe local placement was not 
under way. The suspension would last until the company had 
issued a statement clarifying the situation. Mr Lai, who had 
cut his stake in the clothing company from 36.4 per cent last 
October, appears to be raising funds to buttress his media 
interests, which face a price war in the Chinese-language 
newspaper and magazine market John Bidding, Hong Kong 

Optus announces first profit 

Optus, the Australian telecommunications group which plans 
to float its shares this year, yesterday announced its first 
profit - a pre-tax surplus of A$7.1m (US$5.4m) in the six 
months to end-December, compared with a A$28.4m loss in the 
same period of 1994-95. The company, established four years 
ago, said its earnings before interest payments and 
depreciation rose to A$l89.5m, compared with A$57.9m last 
time. Revenues were up 42 per cent, to A$906m. 

However, the figures do not incorporate results from Optus' 
interest in Optus Vision, the cable operator, which is now 
laying its network, over which Optus hopes to eventually 
deliver local telephony services. Optus said that under an 
equity accounting system, its share of associated companies' 
operating losses would be A$l£L5m. Its total investment in 
Optus Vision is put at A$2£L3m. 

The company remained vague about the timing of its stock 
market float It is looking for a new chief executive after the 
departure of Mr Bob Mansfield to the Fairfax newspaper group 
- an app ointm ent which is a pre-requisite to the launch. Optus 
is owned by a mixture of Australian institutions and foreign 
and domestic corporate investors - including Cable and 
Wireless of the UK. Nikki Tail, Sydney 

Bridgestone makes solid advance 

Bridgestone, the Japanese tyremaker , posted a 28 per cent rise 
in consolidated profits last year, helped mainly by strong 
demand in overseas markets. The-company, which owns 
Firestone of the US, enjoyed brisk sales in Europe, Asia and 
the Middle East which boosted overall sales nearly 6 per cent 
from YL595.1bn to Yl.686.6bn (S16.14bn) in 1995. 

The strength of overseas demand lifted production to a 
record 520,000 tonnes. The higher production level meant that 
capacity use improved, which in turn helped to increase 
recurring profits - before extraordinary items and tax - by 28 
per cent from Y76.6bn to Y9BJ2bn, the company said. Net 
profits surged from Y4D9bn to Y68^bn. 

Next year. Bridgestone expects recurring profit of Y120bn on 
sales of YVKHbn, largely because of the yen's weakening 
against the US dollar. Bridgestone depends on exports for 
almost 50 per cent of its sales by volume. Net profits are 
forecast at Y70bn. Michiyo Nakamoto, Tokyo 

Wing Lung Bank ahead 19% 

Wing Lung Bank, a Hong Kong retail bank, yesterday reported 
a 19 per cent rise in after-tax profits, from HK$611.4m in 1994 
to HK$7295m (US$94.4m) last year, and revealed a revaluation 
of its investment properties which added a surplus of 
HKfl.7Sbn. 

The hank made no transfers to either general reserves or 
inner reserves in 1995, both of which were topped up the 
previous year. Inner reserves at January 1 1995 were HK$470m. 
The results are in line with the trend for banks in the colony, 
which have managed better than expected growth in the face 
of increased competition, narrowing interest spreads and an 
economic downturn. Last year the bank's total deposits grew 
by 17 per cent to HK$32.4bn and total advances increased by 20 
per cent to HKSlSSbn. Louise Lucas, Hong Kang 

Samsung Heavy Industries falls 

Samsung Heavy Industries, South Korea's third largest 
shipbuilder, reported that 1995 net earnings fell by 43 per cent 
to Won4LZbn f 555 9m) because of high depreciation and 
financing costs associated with the construction of a new lm 
gross tonne dry dock. Foreign exchange losses resulting from 
the high yen also contributed to the profit decline. Sales rose 
by 45 per cent to WonP.,900bn. John Burton, Seoul 

Ampolex snubs Mobil move 

Ampolex, the Australian energy group which the subject of a 
hostile A$L24bn (USS941m) bid from Mobil of the US, said 
yesterday it had received a formal offer document and still 
viewed the takeover as “clearly inadequate”. Ampolex said it 
was asking Morgan Stanley arid Macquarie Bank to consider 
“strategic alternatives to maximise shareholder value". 

Nikki Tout 

Goldfields in black at halfway 

Goldfields, the newly-incorporated Australian company which 
took over the goldmintng assets of Renison Gold Fields and 
Pan continental Mining, yesterday announced an after-tax 
profit of A549lm (USS397m), on revenues of A$ll0.5m for the 
six months to December 27. Pancontinental's gold operations 
were consolidated from June 5. Nikki Tail 


Wells Fargo & Company 

US$200,000,000 
Floating rate subordinated 
notes due 2000 
In accordance with the 
provisions of the notes, notice 
is hereby given that for the 
interest period 29 February 
J 996 to 29 March J99€ the 
notes will cany an interest 
rate of 5.437S9& per annum. 
Interest payable on the 
relevant interest payment date 
29 March 1996 will amount 
to US$43.80 per US$10,000 note 
andUSS219.00perUSS50.000 
note. 

Agent' Morgan Guaranty 
Trust Company 

JP Morgan 


First Bank System, Inc. 

US$200,000,000 
Subordinated floating 
rate notes due 2010 

Notice is hereby given that for 
the interest period 29 February 
1996 to 31 May 1996 the notes 
will cany an interest rate of 
5.4375% per annum and that 
the interest payable on the 
relevant interest payment date 
31 May 1996 will amount to 
USS13&96 per USS 10.000 note 
and USt3.473.96 per 
USS250, 000 note. 

Agent Morgan Guaranty 
Trust Company 


JPMorgan 


Morgan Grenfell 
Group pic 

US$200,000,000 
Undated primary capital 
floating rate notes 

For die interest period 29 
February 1996 to 30 August 
1996 the rate of interest will 
be 5.525% per annum. 

The interest payable on 30 
August 1996 will be 
US$285.94 per US$10,000 
note and USS7.148.44 per 
USS250.000 note. 

Agent Morgan Guaranty 
Trust Company 

JPMorgan 


Republic of Ecuador 

PDI Bonds due 2015 

For tho six months February 28. 1996 
to August 28, 1996, Hie Bonds 
wtt bear Inures O 6.0625% pex 
annum. August 26, i996 win be a 
Reduced merest Payment Dale. On 
such data, U.S. 515.79 of interest per 
U.S. S1.041.27 face amount ot Bonds 
wM be payable and IXS. S16.12 of 
Interest per U.S. Si .041 -27 face 
amount win be capttabed. The sum 
of a* capitalized amounts to and 
including August 28, 1996 Is 
as. S57.39 per as. st.04t.27 face 
amount of Bonds. 

ByiTteQnnHuMRiBate.UL 
nFfcolAgul Q 

February 29. 1996 chase 


U.S. 5200,000,000 

Bergen Bank A/S 

Perpetual Ftoaflng Ftete Notes 
(■van the rigW to sabasrimts) 

In tccutfsnce nrfoi ths provisions o> toe 
Notes, naoce k hereby given mat tor Bis 
W memos busiest Psrlod from Ffloruary 
29. 1696 to August 30. 1996. toe NoM 
mffl cany an Interest Rms ot 5375%. 
The mtaraai payable an ths retwarn 
Merest psymsre data. August 30, 1996. 

be U.S. S27333 per US. S10.000 
principal smou nt ot Notes. 

By: Tte Ctaa IMWta Bat, UL 
Utere, Ant Bank Q 

February 29. 1996 Chabe 


U.S. $1,434,690,000 
Republic of Ecuador 

Discount Bonds due 2025 

For the sbe mantes February 28. 1996 
to August 28. 1996 the Bonds will bear 
interest at 6.0625% per annum. The 
■merest payable on tee relevant Irttan 
ewt payment date, August 28. 1996 wH 
be U.S. S30.65 per US. 11,000 Bond. 

By: Tte Eksss ItedtebiBMt. HJL 
nBMJApii q 

February 29. 1996 CHASE 


TNs formal notice fs issued In enmpianee wttn the requremants of and has been approved by the London Stock Exchange. 
AppBcsdon has been made to the London Stock Exchange lor al the ■C' Shares ot The Scottish Asian investment Company 
Limited (The Company - ) now being Issued to be admitted to tee Offload Lei. A prospectus relating to the Company p 
acc orda nce with tee fcang rules maoa under Section 1 42 ol tee Financial Servces Act 1886 (“tee FSA") ("tee Prospectus") 
which ha3 been publshed on 28 Fbbruaiy 1996 contains <m delate ottne business ol the Company. 

The Company s oflering up to 5CXOOOXXX} 'C* Shares by way ol a Placing and Open Otter atiOOp per Share, payable n hJ on 
applcabon. Nehhsr tea Placing nor the Open Otter have been undervwmen and both are condttlona on at toast 15.000.000 'C' 
Shares being subscribed, the passing ot Special Resofcwxts at tee Company, an Exsraordinaiy Resolution of Wan-anmofcJere, 
on the giving of oonsent by the hoddare of Managemem Shares and cm tee fisting of the "C* Shares on tee London Stock 
Exchange. 

THE SCOTTISH ASIAN 
INVESTMENT COMPANY LIMITED 

(Incorpor ate d under the taws ol Jersey, No. -16480. 

Registered address: PO Box 83. 

Ordnance House, 31 Pier Road, St. Heier, Jersey JE4 8PW.) 

Tlw Scottish Asian Investment Co mpa ny Limited is an inve s tment trust which invests in equity or 
equity-rotated secur ities in Asia (exducSng Japan and Australia). 


Placing and Open Offer 

sponsored by 

SBC Warburg 

a i Wbnwivrtn tw. « w 


A I MM ( iMtofll W 

. of up to 

50.000,000 *C' shares of £1 each 

at lOOp per ‘C‘ Share 

payable in foil on application 

Each •C Shan w* convert *ift> Atew Shares 
on the Ctxwersion Date whchvrS not be later tten 30 June 1986 

Copies of the P rosp e ctus wfl be avetebie during normal business hours on any weekday (Saturdays and banft hotetoys 
ewooted) from the date ol this notfea up ro 12 neon on 25 March 1 996 from the registered office of the Company and: 


Minay Johnstone Limited 
7 West Nto Street 
Glasgow G1 2PX 


SBC Vtterbug 
1 Finsbury Avenue. 
London EC2M 2PP 


Copies ot tee Listing Partaiare may be obtained dung normal business hours by colection only from tee Company 
Announcements CWeeof me London Stock Extteange, London Stock Exchange Tower, Capet Coin Entrance, off Berteoiomew 
Lane, London ECS up K> and Inckjdng 4 March 1996. 

28 February 1996 







18 


FINANCE TIMES THURSDAY FEBRUARY 29 I99j 



COMPANY NEWS: UK 


Banana skins of 1980s left behind in 30% rise to £66 lm 

New strategy helps StanChart 



By George Graham, 

Banking Correspondent 

Standard Chartered, the 
international banking group, 
yesterday demonstrated that it 
had left behind the banana 
skins of the 1980s by announc- 
ing a 30 per cent Increase in 
1995 pre-tax profits to £66 lm 
(Ji.02bn). 

Since the installation of new 
management three years ago, 
Standard has dramatically 
scaled back its aspirations in 
investment and commercial 
banking in the OECD coun- 
tries, concentrating instead on 
its traditional franchise in 


Hong Kong and the Asia-Pa- 
cific region. 

That paid off in 1995. Hong 
Kong and Asia-Pacific each 
contributed a third of group 
profits. With retail banking 
markets now opening up in 
countries such as Indonesia, 
India and Taiwan, the group 
believes it has substantial 
growth prospects. 

“The prospects are just 
gigantic," said Mr Patrick Gil- 
lapi, chairman 

Standard’s position contrasts 
sharply with that of the main 
British banks, which bave 
reported 1995 results recently. 

The UK banks have deliv- 


ered between 10 and 16 per 
cent earnings growth, with 
returns on equity in excess of 
18 per cent, but they are oper- 
ating in a competitive market 
with difficult prospects for 
growth. 

Standard Chartered’s profits 
exceeded analysts' forecasts, 
but some still expressed disap- 
pointment at the the lip divi- 
dend - a mere 38 per cent 
increase, whereas some inves- 
tors had hoped for 50 per cent 

Costs edged up by 3 per cent 
to £L06bn after dipping in 1994, 
but revenues increased by 8 
per cent to £1.79bn. 

Mr Peter Wood, finance 


director, said the increase in 
costs was "not the beginning of 
a trend, and we can see clearly 
how costs will be held flat 
again in 1996.” 

Return on equity climbed to 
28 per cent, compared with 24 
per cent in 1994 and 21 per cent 
in 1993. 

Profits were helped by a drop 
in net new provisions far bad 
debts to £72m, against £i22m in 
1994 and £233min 1993. 

Investment banking provided 
one gloomy spot, with losses 
increasing from £17m to £20m, 
but Standard has now agreed 
in principle to sell its Hong 
Kong securities business. 



TmwrHWP*»W* 

Patrick Gillam: Asia-Pacific growth prospects are gigantic 


Sceptical market waits for a deal to be delivered 


W hatever the strategic 
wisdom of Kvaer- 
ner's approach to 
Trafalgar House, it is clear the 
market is sceptical Kvaemer's 
A shares dropped 6.6 per cent 
yesterday to NKr202. 

One analyst said market 
wariness was understandable 
after the group’s foiled £360m 
hostile approach to Amec last 
year. “There is a general scep- 
ticism about Kvaemer’s man- 
agement They have to prove 
they can deliver deals, not just 
make attempts," said one Oslo- 
based analyst 

The worries go deeper than 
this, as is shown by the heavy 
foil In Kvaemer’s share price 
since its mid-1994 peak of 
NKr380. 


Kvaemer shares 

The company's credibility 
has been undermined by its 
failure to meet profit forecasts 
and its inability to generate a 
profits momentum outside 
shipbuilding, where it is the 
European leader. The group 
has had to issue profits warn- 
ings for both its oil and gas 
and pulp and paper businesses 
after being over-optimistic 
about prospects. Even ship- 
building is causing concern, 
despite its very strong perfor- 
mance in 1995. because the 
group’s order book is falling 
and margins are under pres- 
sure. 

Markets have also been 
unsettled by the apparent 


fall on bid doubts, writes Christopher Brown-Humes 

broader objectives of expand- them round. It bought Masa 


speed at which Kvaemer is try- 
ing to expand since Mr Erik 
Touseth, chief executive, indi- 
cated last autumn that the 
company had the financial 
muscle to double its size by 
2000. 

Last November came the 
Amec bid. Last week it bought 
Tampella Power of Finland and 
a big stake in its parent, Tam- 
pella Corp. This week it turned 
its sights on Trafalgar House. 

Uncertainty has been 
increased because it seems 
Trafalgar was Kvaemer’s sec- 
ond choice, after Amec, and 
because it is not clear what the 
group might buy. 

Ironically, Kvaemer’s 


mg internationally, balancing 
its big shipbuilding operations, 
nnd gaining incr eased muscle 
in its core activities are gener- 
ally applauded. The group aims 
to be dominant in areas where 
it is active - a position already 
achieved in shipbuilding, 
hydropower and fibre pulping. 

The Tampella purchase 
shows this strategy in action. 
It will make Kvaerner the 
world's leading supplier of 
chemical recovery plants, evap- 
orators and power generation 
boilers for the pulp industry. 

In the past. Kvaerner has 
proved astute at buying loss- 
making businesses and tur ning 


Yards, the Finnish, shipbuilder, 
for NKrTOOm in 1991, after the 
bankruptcy of its former 
owner, and made it highly 
profitable. It acquired the East 
German yard at Wamow on 
very attractive terms. Even 
Kvaemer Govan, the least suc- 
cessful of the group’s big ship- 
building purchases, is making 
profits. 

Others argue that the easy 
money has been made at Masa 
Yards and with orders now 
easing and the F innish markka 
strengthening, harder times 
are ahead. This will test Kvaer- 
ner’s ability to maintain ship- 
building profits at a thn«* of 


intense competition for orders 
from Japanese and South Kor- 
ean yards. 

Analysts say uncertainty 
was a key reason for the foil in 
Kvaemer’s share price yester- 
day. The group has not said 
which bits of Trafalgar it 
wants to buy. nor how it will 
fund any purchase. Most 
assume the group wants 
Trafalgar’s offshore and engi- 
neering businesses, housed 
within Davy and John Brown, 
and that it is not interested in 
the Cunard cruise shipping 
operation. Whatever happens, 
Kvaemer can 01 afford a sec- 
ond successive rebuff if its 
ambitions to expand interna- 
tionally via the UK are to 
remain track. 


Tiny maintains his 
Lonrho tradition 


By Kenneth Goodng, 

Mining Correspondent 

Mr Tiny Rowland continued 
his bizarre tradition of not 
speaking at annual meetings of 
Lonrho, the conglomerate he 
founded, by having two other 
shareholders ask questions on 
his behalf yesterday. 

Even more bizarrely, only 
one of these spokesmen joined 
Mr Rowland in voting against 
the re-election of Mr Dieter 
Bock, Lonrfao's chief executive 
and Mr Rowland's arch rival 
They were the only two, 
among more than 1,000 share- 
holders present, who voted 
against Mr Bock's reappoint- 
ment 

The feud between Mr Row- 
land and Mr Bock resulted in 
Mr Rowland being fired from 
the Lonrho board last March- 

Through his spokesman, Mr 
Rowland once again raised his 
most recent criticism - that Mr 
Bock had little time for his 
duties at Lonrho because of 
other commitments. He asked 
how many hours a week Mr 
Bock spent on Lonrho busi- 
ness. 

Sir John Leahy, the former 


diplomat who is now Lonrho’s 
chairman put all his experi- 
ence and training to work dur- 
ing the lMf-hour meeting but 
showed a little Impatience with 
this lin e of q uestioning and 
snapped back; “If you think I 
am going to clock Mr Bock in 
and out of his office, you are 
mistaken.” 

He pointed out to some 
applause that, since Mr Bock 
became Lonrho 's chief execu- 
tive, profits had risen from 
S - j fflm to £151m and the shar p 
price had gone up from 75p to 
192’/ap - “not bad far a man Mr 
Rowland calls our busy chief 
executive". 

Mr Rowland’s “fen club", 
who used to pack the annual 
meetings and show their adora- 
tion. has certainly shrunk in 
size. One shareholder said yes- 
terday. “Mr Rowland deserves 
great credit for building up 
Lonrho but Mr Bock has 
shown the real value of the 
company.’’ 

The biggest round of 
applause came for the share- 
holder who said he felt “great 
sadness about two major fig- 
ures in this company sniping 
at one another." 


Hanson in $500m US forestry disposal 


By Deborah Hargreaves 

Hanson, the Industrial conglomerate, 
yesterday sold a large portion of its Cav- 
enham Forest Industries subsidiary in the 
US to Weyerbauser. the forest group, for 
S500m <£325m). 

This marks the company’s first disposal 
since it revealed plans last month to 
break itself up into four separate 
divisions. 

Hanson said last December that it 
would sell all Cavenham's US forest and 
saw mill assets, as well as float its US 
Suburban Propane company, in order to 
raise £1.5bn and reduce debt 


Mr William Landuyt, chief executive of 
Hanson Industries, said yesterday’s sale 
put the company ahead of schedule for its 
disposals. 

“We now believe total proceeds will 
comfortably exceed onr initial estimates,” 
he said. 

The sale consists of 661,200 acres of 
pine forests in Louisiana and Mississippi 
and four saw mills. It leaves the company 
with about 750.000 acres of valuable hem- 
lock and fir forests in the north western 
US, one independent saw mill and a far- 
ther 300,000 acres of south eastern US 
forest to sell. 

“Hanson seems to be getting a good 


price for these, which are Cavenham's 
least attractive properties, and should 
beat its target of £1.5bn for the whole 
sale," said Mr Paul Be aufre re, analyst at 
the UK stockbrokers, James CapeL 

The City was unmoved by the sale, as it 
fell in line with expectations. 

Hanson’s shares, which have fallen 9 
per cent since the demerger was 
announced, were unchanged yesterday at 
186p. A 75 per cent stake in Suburban 
Propane, the US gas company, is expected 
to be floated within the next two weeks, 
bringing about £500m. Hanson wants to 
reduce its heavy b orrowin gs of £4.7bn to 
£3bn in the demerged company. 


| RESULTS 1 











-DtvibeoOa- 







Pre-tax 



Cnfrert 

Dam rt 

Campoodbg 

Total tor 

Total last 



Turnover {&*) 

profit (fira) 

EPS tP) 

parses {« 

payment 

(bum 

year 

year 

Affiance Ras ■ 

. 6 mths to Oct 31 

155 

(0.647 } 

2J39UA 

(Q.196U 

031 

(OIL) 

. 


. 

. 


Assoc Bfft Ports 

Yr to Dec 31 

235.9 

(228.3 | 

88.4 

(80.3 1 

17.5 

(16.4 ) 

33 

Apr 25 

25 

83 

53 


Yr to Dec 31 

4.362 

(3,973 1 

67LA 

(131 ) 

37.1 L 

(19.6 J 

83 

Juty 1 

26 

125 

14JB 

Capfet Stopping 

_ Yr to Dec 31 * 

103.7 

(66.6 ) 

48.4 

(28.1 } 

10.7 

183 ) 

4 

May 8 

525 

73 

525 

Corporate Services 

Yr to Dec 31 

1332 

(83 2 ) 

8J7 

(326) 

10+ 

(6.1 ) 

23 

May 24 

2 

25 

2 

SR* 

. 6 mths to Dec 31 

73.6 

(7331 

2.B 

(2.73) 

4.7 

(47) 

1 

May 10 

1 

- 

3.5 

hnwmfc 

Yr to Dec 2 

130 

(101-2 ) 

8294 

(8.13) 

11.1 

(109) 

186 

Apr 30 

288 

5.79 

532 

bafeUflso 

Yr to Nov 30 

66.6 

(60.2} 

UW4 

(2J32) 

296 

(536 ) 

25 

Apr 23 

25 

425 

425 

Nynot CaUecomns 

Yr to Dec 31 

851 

(41 ) 

90-31 

(95.11) 

7BL 

(7.U) 

nfl 

- 

• 

nfl 

• 

Sema 

Yr to Dec 31 

677.7 

(596.1 ) 

36.94 

(2934 ) 

2435 

(21-28 ) 

21 

July 1 

25 

5 

4.1 

Steadard CUariaml 

Yr to Dec 31 

- 

H 

661 

(510) 

45.9 

(327) 

7.75 

May 31 

5.75 

11 

8 

Zatten 

. 9 mlfts to Dec 31 

15.35 

(•» 

0.859 

l- J 

- 

(-> 

- 

- 

- 

■ 

10 





AMaftiife 



Cerent 

Data at 

Corresponding 

Total lor 

IbW last 

Investment Trusts 


NAV 

m 

Earning* (Sra) 

B>S (p) 

pajmert ffl 

psyment 

(■vkftnd 

year 

y» 

Ftaritag Enterprise 

6 mths to Dec 31 

266.7 

<2223 J 

1.58 

(0.888 ) 

3.95 

(2-22 ) 

155 

Apr 3 

1.45 


5.1 

Headman flraiial. 6 iron to Jan 3i 

1*1.1 

(100.3 ) 

0D75 

(0.231 ) 

0.43 

(1.31 ) 

1 

Apr 19 

15 

. 

3.35 

JF Bn Baffin 

. 6 mths to Jai 31 

102.4 

(872) 

0.343 

(0.332 ) 

222 

(3.12 } 

21 

Apr 15 

2 

■ 

52* 


Eantoge stem basic. BMtiends shown net figures in brackets are tor cunraporeSnj) period. After ex apteral chaiga. ■frCamparafoes tar 10 mortis. tOn increased capBaL BUS 
currency, ^mctodes 0.4p special. 



This announcement appears as a matter of record only. February 1996 


Sale of 

BETONSON 

to 

VAN NffiUWPOORT 

by 

Greenfield Capital Partners Janivo Holding 

Nederlandse Participatie Maatschappij 
Alpinvest Holding 

Brabantse Ontwikkelings Maatschappij 
P & L Participates 
Fare* Beleggingen 
Tarros 


Vendors advised by 

PliceWaterhoUSe EkelmansDen Hollander 

WlLW AD,OC‘f!N.NO!«aif<f» 

Corporate Roascfl 

Purchaser advised by 
NAUTA DUTELH 4 

ADVQOtftN NOTMU3SEN BQASTWJADVHEURS 



Price Waterhouse, Atrium Building, Strawiuskylaan 3127. 1077 ZX Amsterdam 



Orange worth up to £2.45bn 


By Alan Cane 

Orange, the UK mobile communications group, 
confirmed yesterday that it will be valued at 
between £2Jbn and £2.45bn ($3Bbn) when It 
floats at the end of next month. 

The flotation is generating widespread inter- 
est as the company’s brokers begin the task of 
setting the offer price, expected to be between 
175p and 2Q5p a share. 

Analysts had projected a range of prices some 
20 per cent higher. 


The shares will be on offer world-wide. A 
public off sing in the UK, subject to a minimum 
investment of £1,000 win be launched on March 
12, and priced on March 27. 

Same 325m shares, representing 26.5 per cent 
of the enlarged share capital of the company, 
are to be floated, raising between £530.6m and 
£623. 5m net The majority of the proceeds Trill 
be used to repay loans made by the e x is tin g 
shareholders to finance the early growth of the 
business. 

Lex, Page 12 


lex comment 

sTanChart 


Standard Chartered 

Shjine prica relative to the 
FT-SE-AAS-Shara Index 
300 



1990 91 

gouta: ri'&M 


94- 9596 


Standard Chartered's mete- 
oric share price rise last year 
had much to do with take- 
over speculation, but the 
company yesterday delivered 
more than enough earnings 
growth to justify its re-rat- 
ing. It revealed an appealing 
co mbinati on of higher 
nues, tight cost control and 
a 28 per cent return on 
assets. And with costs fore- 
cast to remain flat this year, 
against a background of fur- 
ther loan growth, the out- 
look is positive. Standard's 
management is gradually 
eroding its reputation for 
loose control of a geographi- 
rally sprawling business and it has substantially reduced 
the risk profile. Standard Has no ootstante commmial 
nroDerty loans and is instead focusing on consumer and hade 
businesses. Investment banking remains a problem 
but ambitions have been scaled back and losses will follow 

SU &xposure to Hong Kong’s volatile property market is 
increasing, but the mortgaged assets are worth double the 
value of the loans, and property prices there are nsmg. 

On a forecast of £8l0m profits for 1996, the snares are 
trading on a price-earnings multiple of 11.6. This is a premium 
to the banking sector, but a premium is deserved. With ite 
exposure to fast growing Asia Pacific markets, revenue growth 
and returns on capital will outstrip UK rivals, and there is no 

evidence of greater risk. . . . _ • 

Hong Kong's banks trade at a substantial premium to Stan- 
darf, despite the lower rating of the Hong Kong stock market 
Standard's re-rating should have further to go. 


DIGEST 


1 


Sema up 25% on 
outsourcing rise 

Strong growth in the systems integration and outsourcing 
business, particularly in the defence, finance and 
telecommunications sectors, helped Sema, the Anglo-French 
computing services group, raise pre-tax profits by 25 per cent • 
last year. 

Mr Pierre Bonelli, chief executive, said the year was marked 
by “an excellent trading performance" and by a number of 
strategic investments which are expected to contribute 
significantly to growth and profitability. 

While the core systems integration and consultancy 
business grew by 5^ per cent, its outsourcing operations, 
buoyed by the recent acquisition of a 40 par cent stake in TS 
FM in France, grew by 29 per cent Paul Taylor 

Glaxo Italian sale 

The Italian subsidiary of Glaxo Wellcome, the drug company, 
has completed its restructuring by announcing a management 
buy-out at one of its three manufacturing plants. Following 
Glaxo’s takeover of Wellcome last year the Italian offshoot 
needed to rationalise production and cut 450 jobs bx 1997, as 
part of the worldwide loss of 9,000 jobs; ** , 

Mr Gian Pietro Leoni, chairman at Glaxo Wellcame, Italy, 
said it decided to retain the former Glaxo plants at Verona and 
Panna, both in northern Italy, and to disposed the fanner - 
Wellcome concern at Pomezia, south-west at Rome, valued at 
L22bo. Jokn Sim kms m MStan 

Videologic to raise £4.8m 

Videologic, the specialist multimedia hardware group, is 
raising about £4.8m ($7 39m) net through a placing of 6.94m 
new ordinary shares by SBC Warburg at 70p. In December, 
when the group announced interim pre-tax losses of £359m 
(£3.75m) it said it might need to raise about £5m to help sales 
of its GrafixStar and PowerVR products. 

Alliance Resources $2.4m loss 

Alliance Resources, toe US oil and gas group, reported an 
increase in its pre-tax loss from $196,000 to J239m for the six 
months to October 31, but said that since December progress 
had been made on several fronts. Turnover in the period 
advanced to $l-55m ($647,000) from 540 barrels of oil equivalent 
per day, reflecting the acquisitions of Source Petroleum and 
Nagiti 

Operating costs of $4, 17m ($997,000) included $499,000 for 
professional fees in connection to the action against Mr John 
O’Brien, its former chief executive. 

Scottish Asian raising £50m 

Scottish Asian Investment Company has launched a C share 
issue to raise up to £50m. Up to 11.4m C shares are available at 
100p each by way of an open offer on the basis of one C share 
for every two participating shares and five C shares for every 
two warrants. A further 38.6m C shares will be placed at the 
same price by SBC Warburg. 


Exceptional put 
BICC in the red 


By Patrick Harverson 

Restructuring costs, difficult 
trading conditions and a loss 
on the sale of its housebuilding 
business pushed BICC. the 
international cables and con- 
struction group, into the red 
last year. 

After swallowing £176m of 
exceptional items the group 
reported a pre-tax loss of £07m 
($103m) for 1995, against a 
£13lm profit the year before. 
Turnover was up almost 10 per 
cent at £4.36bn. 

Losses per share were 37. ip 
(l9.6p earnings) and a final div- 
idend of &5p makes a total of 
12.5p (14.6p). 

Mr Alan Jones, who joined 
the group as chief executive 
from GKN last year, said the 
positive impact of the “radical" 
restructuring would start to 
feed through to the bottom line 
this year. With all of the 
changes either already 
announced or completed, he 
said the group would be cash 
generative this year. 

In the past year poorly per- 
forming housebuilding and low 
voltage cable operations have 
either been sold or restruc- 
tured, and investment 


ploughed .into the higher mar- 
gin fibre-optic an d data cahltng 
businesses. 

Mr Jones said: “We’ve taken 
the right action very quickly 
and vigorously in cables and 
win see a return to the form of 
better profits in the second 
half of 1996. And we have sus- 
tained investment In growing 
products and the Asia Pacific 
markets, which will show 
through in profits in 1997.” 

The brighter outlook and an 
unexpected improvement in 
cash generation - operating 
cash flow rose from £2im to 
£i62m - helped BICC’s shares 
climb 5p to 2J5p. 

The largest single excep- 
tional item was the £82m cost 
of rationalising the cables 
operations, which involved 
plant closures in Germany, the 
US and Canada. Other items 
included a £78m loss on the 
sale of Clarke Homes to West- 
buiy in December, a £10m pro- 
vision on property revalua- 
tions. and a £5m charge to 
cover the cost of the collapsed 
tunnel in the Heathrow 
Express project 

The North America Cables 
division performed badly, with 
profits foiling by half to £9m. 



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for the Information Society 

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Name/Sumoma 





Training ond Youft), DG XB ^ Affair^, DG • 

»PP«tof ComwsionfcsAtortm *e 

'imdorathCreBon. 







s Investment Banking 


Treasury 


Treasury 


ci ; • u i ; u liy iiiuia 1 1 1 u o n g s i s Iran jaoan 


ri iippmcs Qatar Sierra Leone Treasury 


m us owe Australia ban. 3 mas 


Personal Banking warn oca; a earner 


c c n o. a n a o a a, n i r a 


■; \-l c •< . c o rvivarimar Nca-ua Bruner Dar Neoa! .Oman 


:i Taiwan Tanzania. Investment Banking 


'-•01 e r n u l ci 


Personal Banking Lesotho iv;aca j ivleiaysia Mexico' Mv.aninai 


; Sri Lanka bwamiara ow’t^enand Taiwan Tanzania Thailand 


■ eamerocn Canada Custody 


j an. mar Negara d run er oar Nep.ai 


3 Consumer Finance Thailand 


ana da china Colombia Falkland 


are a run-si Dar Nepal Treasury 


si land Uaands U A F UK USA 


1 1 1 v tz $ i w r? < 1 1 Od 1 1 n 1 1 1 u w ci ■ ■ ■< tr ; oon Canada China Colon-ibis 


n = a mailano Uganda Personal Banking 


pad a China. Colombia i-aikiand siancs 


ar Nepal Consumer Finance uman 


■i; n ci U c a n c a • J a r- U K U o A v. anezuela 


is Colombia Falkland islands Custody 


Om«p Pakistan Peru r-hiiipcines Gat a: 


Corporate Banking u eF UK. . USA 


ands oambis Ghana 


star Peru Treasury 


USA Venezusia. Vietnam zamoi: 


Personal Banking Jo-raev Kenva Laos. losgUig fvlucau V.mw i 


dors war a B? azu Investment Banking 


Corporate Banking Pa kmi an Peru Pi w : 


islands Gambia Ghana Consumer Finance 


Investment Banking Uganda U'AF 


Oman Pakistan ran; Treasury Phi!; 
■J g an da UAF UK USA Venezuela • 


U S A V e n s z j e : a 


Corporate Banking Hong 


i e s C a tar s i e r r a L 


/e /Austreua o an ami 


nds Personal Banking Gambia G 


Corporate Banking Peru Philippine 


GarnL':H Ghana Custody Hong Ken 


o : n e s cater 


Investment Banking Vietnam zsm 


3 nan a nong Kong 


eons Singapore Personal Banking 


FINANCIAL TIMES THURSDAY FEBRUARY 29 1996 


Statement by the Chairman 
Patrick GiKiam 

{ C Standard Chartered’s 
position as a high 
performing banking 
group, concentrating on 
fast growing Asian 
and African markets, 
improved significantly 
during /995L7J 


Results 

For the third year in succession, I am delighted 
to report excellent results:- 


Pre-tax profits 

up 30 per cent from £510 
million to £661 million 

Cost income ratio 

reduced from 62 per cent 
to 59 per cent 

Headline earnings 
per share 

up 44 per cent from 31 .2p 
to 45.0p 

Return on 

shareholder equity 

up from 24 per cent 
to 28 percent 

Tierl capital 

7.9 per cent • 

Annual dividend 

up 38 per cent from 

8.0pto 11. Op 


Strategies and the economic environment 

We will grow and develop our strong franchises 
in Asia, the Middle East and Africa using our operations 
in Europe and North America to provide our customers 
with a bridge between these markets. We will focus 
on personal, corporate and institutional banking, on 


consumer finance and in the provision of treasury, 
custody and investment banking services, all areas 
where we have strength and expertise. 

In Asia, we operate in dynamic economies 
where real growth rates of five per cent per annum 
and above are the norm. Hong Kong continues to be 
of major importance to the Group and produced a 
profit increase of 10 per cent over 1994 and 35 per 
cent of the total Group profit. A total of 68 per cent 
of our pre-tax profit comes from Asia Pacific Region. 
Africa and the Middle East contribute 10 per cent 
and the more established economies, mainly the 
United Kingdom and the United States, 22 per cent. 


Total Group Profit 
before tax 

£mfflon 

401 


661 


510 


Business performance 

The growth, development, and profitability of 
our strategic businesses was exceilent:- 

e Personal Banking grew significantly and now 
contributes about 30 per cent of total profits. 

• Corporate Banking is being realigned to provide 
better products and improved customer sen/ice. 

e Institutional Banking continued to expand rapidly 
and aims to be the ‘banker's bank* in Asia, the Middle 
East, Africa, and increasingly in Latin America. 

• Treasury has particular strengths in exotic 
currencies and reinforced its position as a leader in 
Hong Kong and other Asian markets. 

• Custody, under the Equitor banner, has estab- 
lished itself as a leading Asian regional sub-custodian. 

• Consumer Finance, through Chartered Trust, 
had a very good year in the United Kingdom. 


P a k i s t a n 


Zambia 


Profit up 30% 


i 




20 


FINANCIAL i'lMES 


THURSDAY FEBRUARY 291996 


COMMODITIES AND AGRICULTURE 


Gencor’s smelter plans 
ease capacity worries 


By Kenneth Gooding, 

Minins Correspondent 

Gencor’s suggestion that it 
might build two big smelters in 
southern Africa, one to pro* 
duce aluminium and the other 
zinc, was greeted with enthusi- 
asm by analysts yesterday who 
said tiie extra, capacity would 
be needed in the next 10 
years. 

The South African mining 
and metals group said it was 
evaluating the feasibility of 
using surplus energy from the 
Cabora Basse hydro-electric 
complex in Mozambique to 
power an al uminium smelter 
with an expected annual capac- 
ity of 246.000 tonnes. The com- 
pany said capacity could rise 
to 490.000 tonnes, making it 
one of the world's biggest alu- 
minium smelters. Capital 
expenditure of the first phase 
was estimated at Rlbn ($lbn). 

Gencor also said it was con- 


sidering another power-inten- 
sive project, a zinc smelter pos- 
sibly located in the eastern 
Cape with annual capacity of 

200.000 tonnes. This might also 
be expanded to a capacity of 

400.000 tonnes. The first-phase 
capital expenditure for this 
project would be about Rl^bn. 

The South African govern- 
ment's Industrial Development 
Corporation would be involved 
in the planned projects. 

Mr Graham Dellar, analyst 
at the Resource Strategies con- 
sultancy, said the zinc venture 
had been suggested some 
months ago by Escom, the 
South African power supplier, 
because it has excess capacity. 
The timing was good because 
there was at present “a win- 
dow of opportunity" as the 
world would need two new zinc 
smelters before long. Although 
there was a considerable 
increase in zinc mine capacity 
planned for the coming five 


years, virtually no new smelt- 
ing capacity had been 
announced. 

Mr David Moison, another 
Resource Strategies analyst, 
said the aluminium industry 
also needed new smelting 
capacity in the next five to 10 
years - but the requirement 
for "green field” smelters was 
much less than some other 
analysts had suggested. For 
example, between 25 and 50 per 
cent of expected extra demand 
for al uminium hi the next five 
to 10 years could be met by 
enbancing existing production 
facilities. “This is a very 
attractive route with very low 
capital requirements." Mr 
Moison said. 

Several aluminium smelters 
were planning to add new pro- 
duction lines, he added, which 
would be more expensive than 
upgrading existing “pots", but 
cheaper building a new 
smelter. 


Gold and zinc ventures to 
start in Spain and Ireland 


By Kenneth Gooding 

Western Europe might be out 
of favour with big interna- 
tional mining operators but 
two “junior" companies with 
substantial projects - one for 
gold in Spain and the other for 
zinc and lead in Ireland - said 
yesterday they were dose to 
starting production. Larger 
companies have been deterred 
from the region because it is 
too crowded, presents prob- 
lems with permitting and has 
an active environmental move- 
ment 

Rio Narcea Gold Mines has 
already found enough gold in 
the northern Spanish province 
of Asturias to support an open- 
pit mine producing about 

100,000 troy ounces of gold for 
10 years, which would make it 
Europe's biggest gold producer. 


Mr Chris von Christie rs on, 
Rio Narcea chairman, said yes- 
terday that a feasibility study 
for the US$40m project should 
be completed by the middle of 
the year and a decision about 
production would be made 
soon after. Production could 
start at the end of next year. 

Rio Narcea this weds hired 
SBC Warburg, the Investment 
bank, to help find finance for 
the project and steer the com- 
pany. at present quoted in 
Toronto, to a listing on the 
Madrid stock exchange and 
possibly one or two other Euro- 
pean exchanges. Most of Rio 
Narcea' s shareholders are 
based in Europe. 

Spain is a particularly pro- 
mining country and the Astu- 
rian government will provide 
15 per cent of the project costs 
in subsidies. Up to a further 20 


pm* cent of the cost might be 
provided by the European 
Commission under its assisted 
areas programme. 

Meanwhile Arcon Interna- 
tional Resources, the Irish 
company majority owned by 
Mr Tony O’Reilly, the interna- 
tional businessman, said its 
Galmoy zinc-lead project in 
County Kilkenny was on track 
to start production in the sec- 
ond half of the year. 

The I£53m ($33m) mine Is 
scheduled to produce 74,000 
tonnes of zinc and 6,000 tonnes 
of lead a year. Some US$GOm of 
bank finance has already been 
raised for the project. 

Arcon also reported “excel- 
lent” results from its I£l-5m, 
two-year exploration pro- 
gramme on the extensive 
licence area surrounding the 
mine site. 


Small farms blamed for southern African povj| 

Agriculture miriae n. are calling for mo re effective inves tment, Jobe Madeley igffl 


S outhern African coun- 
tries “will not prosper" 
without rapid growth in 
the small-scale agricultural 
sector, according to an interna- 
tional workshop on poverty 
alleviation strategies held in 
Cape Town last week. 

Small-scale farmers in the 
region have fared “very badly" 
said a statement issued at the 
workshop, which was organ- 
ised by the 12-country 
Southern African Development 
Community (SADC), the World 
Bank and the United Nation's 
Tntamfltinnfli Fund for Agricul- 
tural Development (IFAD). The 
event was attended by agricul- 
ture ministers and officials 
from SADC member states. 

The “extremely low level” of 
productivity and development 
of small-scale agriculture in 
southern Africa is the root 
cause of the rural poverty in 
the region, the statement said. 
Many formers in the small- 
scale sector have only limited 
access to land and water, and 
lack “adequate and stable off- 
farm employment”. 

Many rural areas in the 
region “have suffered profound 
neglect and discrimination”. 
Mr Fawzi Al-Sultan, IFAD pres- 
ident; told the workshop. The 
rural poor have been the main 
victims; “The origins of pov- 
erty he in small-scale agricul- 
ture and this is where the 
search for answers must start” 
The 12 SADC countries are 
Angola, Botswana, Lesotho, 
Malawi, Mauritius, Mozambi- 
que, Namibia, South Africa, 


Swaziland, Tanzania, Zambia 
and Zimbabwe. 

Part of the problem stems 
from the Inadequate agricul- 
tural resource base of many 
areas in the region “particu- 
larly the arras where the poor 
are concentrated", said the 
statement. “The situation is 
worsening as a result of the 
pressure of population, erosion 
and land degradation, as wen 
as climate change triggering 
the incidence of drought." 

It adds that difficulties have 
been caused by the way 
resources have been distrib- 
uted, and by the absence of 
Hnks between the rural poor 
and the “engines of economic 
growth and development” • 

The workshop's participants 
said that the role of SADC gov- 
ernments “is first and foremast 
to promote the general policy 
conditions for increased pri- 
vate sector investment and 
activity in the poor rural 
areas". They added that 
reforms should seek to elimi- 
nate policies that have dis- 
torted the rural sector and 
placed the poorer farms; at a 
disadvantage, and said there 
was a need “for public invest- 
ments in services and infra- 
structure to overcome bottle- 
necks to private investment”. 

They also urged closer 
co-operation between govern- 
ments and non-governmental 
organisations, with spending 
targeted at those who need it 
most 

Access to land, security of 
tenure, greater availability of 



Growth hopes: a 26 -acre Zimbabwean form, framed when a white Rhodesian holding was split up 


credit and improved storage 
and marketing facilities were 
considered vital for raising pro- 
ductivity in the small-farmer 
sector. The problem of inade- 
quate access to land is particu- 
larly acute in the region. 

Ms Katherine Marshall, 
director of the World Bank’s 
southern Africa department, 
told the meeting that the gap 
between rich and poor may be 
wider in the region “than in 
any other part of the world". 
But budgetary allocations and 
investment in the region's 
rural areas were at “low lev- 
els”, she said. 

This was denied by Mr Kaire 
Mbuende, SADC executive sec- 
retary, who said that SADC 
countries were allocating up to 


40 per cunt of their budgets to 
agriculture and rural develop- 
ment “It’s ratter a question of 
how we make spending more 
effective. To do that we have to 
involve small farmers more, 
putting them at the centre of 
our policies." 

I n Sooth Africa, land tenure 
reform is under way, said 
Ms Thoko Didiza, the coun- 
try’s deputy minister for agri- 
culture, and fanners who were 
previously disadvantaged now 
have access to credit But she 
cautioned that many farmers 
cannot afford to take loans 
because of interest and capital 
repayments. Some formers -are 
being financially assisted, she 
said, to help them become 


self-sufficient smallholders. 

Mrs Freda Luhila, director of 
Programme Against ‘Mahrata- 
tion. a 7-nmhiao NGO, believed 
that one of the workshop's 
fthip-F benefits was its. emphasis 
on the need for forums ^where 
governments. NGOs and the 
private sector can - come 
together to plan and mate sure 
that policy formation is not 
only done at the top level but 
that it includes the beneficia- 
ries themselves". 

Higher priority for small- 
holder agriculture was seen by 
Mr Al-Sultan as a likely out- 
come of the workshop. ,“We 
now have more awareness of 
the issues than before and £ 
much bigger commitment hour 
governments," be said. 


Mr Vladimir Kadannikov, 
Russia's first deputy prime 
minister, triggered a sharp foil 
in the price of palladium yes- 
terday when he was quoted by 
the Itar-Tass news agency as 
saying that the federation 
might sell precious metals and 
diamonds to cover an expected 
shortfall in its budget Russia 
is apparently RbslO.OOObn 
($2.07bn) short of its 
Rbs32JX»bn budgetary require- 
ments. 

Palladium's price in London 
fell by US$3.50 a troy ounce to 
$136.50. 

Russia accounts for 65 per 


MARKET REPORT 


Russian problems hit palladium 


cent of world production of pal- 
ladium, used mainl y in auto- 
motive anti-pollution catalysts, 
and the market was already 
nervous following comments 
from Mr Barry Davison, chair- 
man of Anglo American Plati- 
num Corporation. On Monday 
he suggeked that the market 
re main ed overshadowed by 
stockpiled Russian metaL “The 
fundamentals are not condu- 
cive to a short- or medium- 


term improvement in platinum 
group metal prices,” he 
said. 

On the London Metal 
Exchange yesterday nickel suf- 
fered another substantial fall 
to dose $270 a tonne, or 3.4 per 
cent, down at $7,765. 

Since the close on Friday 
nickel's price has dropped by 
7.4 per cent 

Traders said the sharp rever- 
sal was caused by selling by 


investment funds, which rely 
on technical indicators such as 
charts. The funds are appar- 
ently intent on driving the 
nidkel price down to between 
$7,550 and $7,600 a tonne. 

Other factors supported 
lower prices, analysts 
suggested. Demand from the 
stainless steel industry, 
accounting for two-thirds of 
nickel demand, has slumped, 
“The dear Slowing in the rate 


of decline of LME nickel stocks 
is due to cuts in stainless steel 
production, combined with 
weak physical markets and 
better availability of both 
scrap and virgin nickel,” Bran- 
deis, the metals group, said in 
a special report 

Cocoa's price in London was 
pushed down to a fresh con- 
tract low at the opening of 
trading yesterday by bearish 
production scenarios. 

The price of cocoa fell to £904 
a tonne but recovered later to 
£91L'The coffee fixtures price 
slipped $28 a tonne to $L970 a 
tonne. 


COMMODITIES PRICES 


BASE METALS 


Precious Metals continued GRAINS AND OIL SEEDS 


SOFTS 


MEAT AND LIVESTOCK 


LONDON METAL EXCHANGE 

(Prices Iron Amalgamated Maul Trading) 

■ ALUMNIUM. 88.7 PURITY (5 per tonrw) 



Cash 

3 man 

Ctose 

1572-73 

1603-04 

Previous 

1574.5-755 

10O5-1 60S ^ 

Hlg/VIow 

1579/1576 

1811/1603 

AM Official 

1579-80 

1610-10.5 

Kerb close 


1603-04 

Open M. 

209247 


Total dally nmxwar 

40524 


■ AU1MDWM ALLOT (Spar tome) 


Close 

1345-55 

1380-85 

Prewws 

1343-48 

13T&-B2 

Hlgh/low 


1300/1375 

AM Ontcfal 

1342-47 

1378-00 

Kwb ck»e 


1377 -ao 

Open fnt 

4548 


Total dally turnover 

813 


■ LEAD (S per tonne) 



Ctoae 

782-63 

757.5-58 

Previous 

7B85-705 

705-66 

High/low 

773/768 

7BU/752 

AM Official 

772-73 

766-68 

Karta ctaae 


754-756 

Open InL 

36.676 


Total dally tunaver 

8A75 


■ MCKH. <S per lame) 


Close 

7650-60 

7760-70 

Previous 

7920-30 

8030-40 

WgfVlwv 

7910 

8085/7750 

AM Official 

7905-10 

0010-15 

Kerb dose 


7830-40 

Open InL 

38.965 


Total dally turnover 

13.482 


■ TIN (S per tonne) 



Ctaae 

6105-15 

8175-80 

Previous 

6145-55 

6215-20 

Hlgh/low 


6220/5100 

AM Official 

6120-25 

6105-90 

Kerb close 


6100-70 

Open irrt. 

10.748 


Total daily Weaver 

1319 


■ ZHC, special high grade (S per tonne) 

Close 

1023-24 

1044-45 

Previous 

1023-24 

1042-43 

Hlgh/low 


1050/1044 

AM Official 

1020-29.5 

1049.5-50 

Kerb dose 


1046-47 

Open kit 

70215 


Total dally h/nouer 

22.425 


M COPPER, grade A (3 per tonne) 


Close 

2581-23 

2406-87 

Previous 

2530-32 

2492-93 

HighAcm 

2535 

2499/2466 

AM Official 

2537-39 

2497-98 

Kerb doao 


2491-92 

Open InL 

16&310 


Totri daily turnover 

50^67 



■ LME AM Official £/S rate: 1-8383 
LME Ckwfem t/S rate: 1 -S3S5 


Spat 1.5339 3 mths 1.5307 6 ntfK 1.5280 Bums 1-5245 


■ HIGH GRAPE COPPER (CO/lgX) 



Sett 

DriT* 


OpM 


pries 

efmmffe High Low 

w 

tot 

Mar 

11455 

-155 110.20 114 JO 

5,431 

9,799 

for 

113-50 

-13 0 11510 11150 

140 

1.609 

May 

1 12-65 

-125 114.00 11260 

5029 16912 

Jn 

111.ED 

-1.00 1122S 111.80 

223 

016 

M 

110-60 

-0.70 11IJ0 110-50 

353 

41115 

Sep 

10900 

-040 10130 109.10 

45 

1833 

Tetri 



11,884 43^3 

PRECIOUS METALS 



■ LONDON BULLION MARKET 

(Prices supplied by N M Rothschild) 




GddfTtoy eaj S price £ equrv SFr aqu) v 

Close 397.40-397.80 

Opening 307.3O-3S7.7O 

Morning fix 387.50 256.31 471.28 

Afternoon fix 397.55 258.57 472.89 

Day’s High 398.40 -338.80 

□ay's Low 39&80 39 7.20 

Previous ctase 399.00-396.50 


■ GOLD COMEX (100 Troy azj S/troy oz.) 



Sett 

Dffs 



Opm 


price 

change 

Hfcb 

law 

1IU M 

Apr 

402.1 

+25 

4014 

396.3 312B510A532 

Jui 

454 JJ 

+ZB 

405-0 

4019 

1,421 37917 

tag 

407.0 

+17 

406.7 

403.1 

20 11908 

Oct 

409.3 

+16 

409.0 

4000 

5 3965 

Dm 

411.6 

+19 

4119 

4076 

459 13947 

FM 

413.7 

+2J 

- 

- 

38 4,764 

Tetri 





3494S 220905 

■ PLATINUM NYfrEX (SO Troy OU Sriroy oe.) 

Apr 

413.6 

+3J 

4149 

4085 

3964 13589 

M 

4153 

+15 

4169 

4115 

76 4960 

Od 

4101 

+35 

4189 

4145 

123 1.459 

An 

420.1 

+35 

416.1 

41B.1 

122 263 

Total 





3985 20576 

■ PALLADIUM NYMBC (100 Troy <SL; S/tray az.) 

Iter 

13790 

-185 

13B.75 

13025 

1525 1948 

Jm 

13150 

-175 14150 137.10 

1.703 0172 

Sm 

133.75 

-175 140.00 

14090 

5 111 

Dm 

141.00 

-ITS 

14150 

14150 

15 73 

Total 





3933 79H 

■ SS-VBt COMEX (5.000 Troy at.', Cents/troy az.) 

rnm 

548.3 

+3.1 

5549 

5429 26,651 10071 

May 

5515 

+3.1 

5609 

5479 15^99 44934 

Jd 

558.8 

+13 

5659 

5519 

1202 11,579 

Sap 

5611 

+35 

5679 

5575 

56 10564 

Dm 

5617 

+17 

575.0 

5859 

106 7.132 

Mar 

5702 

+19 

- 

5749 

215 1356 

Total 





44532 97,767 


ENERGY 


■ CRUDE OH NYMEX (41000 US pate. SfourcO 


Latest Daft 
prior etaange Hgfr 
Apr 1926 -0M 1991 

Mpy 1857 -093 1096 

Jaa 1011 -028 1040 

Jfl 17.76 -026 17.B9 

Aag 1754 -023 17.72 

Sm 1799 -020 1755 

ToM 

■ CRUDE Ofl- IPE (S/barrel) 

Open 

taw 1M tot 
19.12 41947 90740 
13.42 21382 57.G94 
1091 11,687 40132 
17.65 6573 35950 
1750 1686 17.133 
1790 1935 10891 
97228400646 


Uteri 

Dart 



Open 


price 

change 

w* 

Low 

Vd tot 

Apr 

17.72 

-025 

10X15 

17 60 

14,175 57950 


1791 

-027 

172B 

1092 

0763 37588 

Jon 

16.60 

-020 

1693 

1654 

4529 28.173 

JM 

1891 

-026 

1052 

1620 

1980 32989 

tap 

1010 

-024 

1629 

16.04 

737 0801 

Sep 

1599 

-021 

10.16 

1590 

1217 10905 

Total 




30000190402 

■ HEATING OR. NYMEX (42.000 US grito; OUS gate.) 


Uteri 

Dart 



Opa 


price 

change 

Ugh 

taw 

Vri tot 

■ter 

60.40 

-188 

63.95 

5950 23530 10284 

A* 


-1.68 

5490 

S1TO 1823E 28248 

May 

49-85 

-1.10 

51.00 

49.50 

5947 10706 

Jon 

4035 

-OK 

4920 

4015 

2520 12218 

■M 

47.75 

-090 

4855 

4750 

875 0267 

taB 

4890 

-090 

4090 

4820 

299 4.493 

nu 




50583 91,850 

■ QAS OR IPE (S/tame) 




Sen 

Bert 



Open 


price 

change 

wgn 

Low 

Vd tot 

Mm 

17450 

-350 1772S 17175 10,177 21.858 

Apr 

15850 

-150 

16125 

15850 

7261 10273 

May 

15325 

-1J5 

155+5 

15100 

1531 7920 

Jm 

15050 

-1.75 

15150 

150.00 

710 7.778 

M 

14325 

-100 15025 14925 

31 4579 

ta| 

14050 

-100 

15125 

14030 

85 1646 

TWal 




20,/HI 89,577 

■ NATURAL QAS NYM£X U 0.000 rnnfite.; S/MtibL) 


LMest 

Dart 



0pm 


price 

(tango 


Low 

w w 


1305 -0021 

1325 

2270 

8531 20631 


1140 -0003 

1150 

2.115 

1.735 10732 

JM 

2.050 +0010 

2955 

2930 

1997 14.194 

Jri 

1005 +0018 

1005 

1965 

1937 13976 

AW 

1955 +0015 

1957 

1948 

684 11.466 

Srt 

1915 +0015 

1.315 

1590 

420 9X6B 


Total 15£M 138515 


> Ldn Mom OoM Lendng Rated (Vb US® 


■ UNLEADED GASOLINE 
WYMEX {42,000 US gate; aTJEfflfe.) 


2 months 

3 months 

—456 IZ months 923 

-9.04 


Uteri 

pta 

Part 

change 

Kgb 

Low 

W 

OpM 

tot 

StmrFte 

p/troy cel 

US m eqiriv. 

Mar 

5090 

-141 

B050 

5850 11570 

0950 

Spot 

355.05 

54625 

tar 

5950 

-T.15 

6140 

5920 9966 

29951 

3 months 

360.15 

55295 

May 

5065 

+090 

59 7S 

5045 4465 

13965 

fl months 

364.80 

55895 

Jm 

57.40 

-0.75 

5040 

57.15 

m 

5.750 

1 year 

37490 

57020 

Jri 

5697 

-0.73 

5640 

S55D 

273 

4,775 

Gold Colne 
Krugerrand 

Maple Leaf 

New Sovereign 

S price 
397-400 
4M.aUl1.35 
83-96 

£ eqtw. 
253-201 

61-33 

DOS 

Trial 

5(50 

-0.75 

5525 

5450 59 

20006 

3.125 

60810 


■ WHEAT LCE (E per tome) 



Salt 

price 

Dart 

change 

ngb 

U« 

M 

Open 

tot 

Mar 

11740 

-045 

11000 

11740 

21 

358 

May 

12025 

-040 

mx 

12025 

139 

3412 

Jul 

12220 

-0.75 

12255 

12130 

22 

540 

Sta 

110.05 

-0.15 

- 

- 

- 

205 

No* 

11120 

-035 

11125 11120 

13 

1,407 

Jm 

11340 

-035 

- 

- 

50 

2Z7 

Total 





1B5 

0985 


■ WHEAT CBT (5,000bu mto; canta/BOb bushel) 


■ COCOA LCE (Btonrw) 

Sett Day* Open 

price ebappe Mgfl Uri W tat 


Mar 

8B5 

-1 

885 

880 1409 4.186 

May 

911 

♦1 

912 

SD4 5.452 25443 

Jri 

837 

+2 

937 

930 1.431 14.108 

ftp 

958 

+2 

960 

953 1.403 37220 

Dm 

975 

+2 

978 

B71 1411 17.088 

Mar 

Tetri 

995 

+S 

997 

990 907 33,575 

1058B 141204 


■ COCOA CSCE {10 tonnea; S/tonnes) 


■ LIVE CATTLE CME f4Q,00abs; cente/lbs) 

S*tt On** Qgtfl 

Mm clang* Kfcb taw Vtf Ini 

Apr 64 .ESC -0375 65/lSS 64575 0396 33 jB67 

Jun 63.400 -OJBO 63750 63500 4,163 21,547 

Aug 62675 -0025 62925 62500 1653 1OB30 

Del 63225 -OOM 53000 63.175 752 9.916 

Doc 62275 - 62450 62150 409 5.418 

to 62.250 - 62450 62250 173 1697 

Total 15J5G0 84317 

■ LIVE HOGS CME f4Q,000fe8; cants/tta) 


Iter 50600 -0.50 51200 503.00 7087 14,639 

Hoy 496.25 +325 49700 48800 6326 23012 

Jul 464.00 +0.75 46500 45930 12,718 46.033 

Sop 46650 +100 46700 461.00 860 8.437 

DM 47550 +050 47600 47000 876 6,186 

tear 47500 - 47700 47200 29 233 

Total 27,748 99,716 

■ MAIZE CET (5000 bu into; cente/58b bushel) 


Mar 

1259 

-6 

1266 

1257 79 488 

Hay 

1275 

-5 

1283 

1289 0367 41459 

Jri 

1298 

-5 

1305 

1292 1149 17533 

Sep 

1*15 

-0 

1324 

1315 1.102 10.400 

Dm 

1351 

-3 

1350 

1350 45 9485 

Mar 

1378 

-4 

1381 

1375 12 7.455 

Trial 




10840 92463 

■ COCOA PCCO) (SOR’G/tonne) 


Apr 48050 +0575 48.125 47200 2080 12311 

Jun 53075 +0.150 51175 52575 1,919 1047B 

Jri 51500 -41225 51075 51.100 482 2012 

tag 41350 +0200 49500 40900 377 3098 

Oct 45. BOO +0500 45.750 45200 97 KBS 

DM 45 700 +0.400 46075 48.300 58 1529 

TOM 1674 33039 

■ PORK BELLIES CME (40JQ0P»; cerrts/ttm) 


Mm 391.75 +176 39225 38550 52.192 62000 

May 38925 +225 38950 38525 61,374201,293 

Jri 38250 +225 383.00 37800 22536119068 

Sap 33325 - 33325 331 50 3,028 34,205 

Dm 317.75 -0.50 31850 31650 10020 85,196 

MV 322.75 -025 32325 32150 768 6088 

Tom 99015511069 


■ BARLEY LCE (E per tonne) 


Mar 

100. B0 

-0.70 

10840 

108JO 

5 

370 

May 

11025 

-040 

110.15 

110.15 

5 

496 

Sep 

106.50 

- 

10B40 

10050 

2 

32 

Nm 

10040 

- 

10040 10825 

105 

254 

Jm 

iiais 

-0.40 

11025 

11025 

1 

55 

Tetri 





118 

12» 

■ SOYABEANS CBT (SDOOba mfn; cetts/GOto betecQ 

Mar 

73075 

+175 

74148 73340 21635 21.713 

Mey 

75040 

+325 

75140 743.00 33.773 60291 

Jri 

759.50 

+125 

76040 

75100 

11579 40824 

AM 

78025 

+175 76140 75440 

441 

5247 

Sep 

747JI0 

+140 

74840 

74340 

296 

3.601 

He* 

741.50 

- 

74100 73640 

7415 49470 

Trial 





704072*1229 

■ SOYABEAN CHL CBT (BO.OOOU»: centa/lb) 

Mar 

2441 

-023 

2420 

2348 

8,171 

11962 

Iter 

24.45 

-0.17 

34.60 

24.40 

10410 30.152 

Jri 

24.87 

-0.16 

2449 

2440 

4483 22218 

tag 

2545 

-0.14 

25.12 

25.05 

1092 

5405 

S«P 

2521 

-0.19 

2532 

2521 

1.145 

3.463 

Oct 

25.40 

-0.15 

2543 

25.40 

380 

1581 

Total 





27400 862*4 

■ SOYABEAN MEM. CBT (100 lorw; Sricn) 


Mar 

2344 

+10 

2347 

2304 

0423 

11409 

Bar 

2309 

+14 

239.1 

2354 10403 30736 

Jri 

2410 

+1.6 

2416 

239.0 

7.172 

23410 

tag 

2410 

+1.3 

2417 

2394 

958 

0063 

SfV 

241.7 

+1.8 

241.7 

2304 

834 

3449 

Oct 

236.1 

+1.1 

2364 

2344 

139 

1139 

Trial 





30885 91167 

■ POTATOES LCE E/tome) 




Hw 

200.0 

_ 

_ 

_ 

_ 

_ 

ten 

1834 

+7.4 

1814 

174.0 

38 

883 

liar 

19JJ5 

+14 

1914 

190 0 

2 

20 

Jm 

2254 

- 

_ 

- 

_ 

_ 

Ho* 

105.0 

- 

- 

- 

- 

- 

Tetri 





48 

946 

H FRBGHT (UlH-bX) LCE (SlOtactoc point} 


M 

1388 

-6 

_ 

_ 


427 

Mar 

1410 

-23 

1438 

1410 

42 

750 

tar 

1430 

-12 

1425 

1410 

43 

1535 

Jri 

1300 

-20 

1321 

1296 

37 

1447 

Oct 

1335 

-13 

1335 

1335 

10 

572 

Jm 

1375 

-4 

_ 

_ 

_ 

62 

Tart 

Close 

Ret 



136 

5JN8 

BR 

1379 

1362 






FUTURES DATA 

AH futures data suppikxt by CMS. 


Mute and Sarnia 

Prices from KenMao Group: USS a tonne. Ira- 
nian pistachi o s 28/30 raw (ki shall] naturaly 
opened (murid); 1995 crop 3.400 CRVFOT 
MEP. 26/28 3000 CFR/FCT MS 3 - masted 
and salted 38730 at 3000 ex-HamOurg. vac- 
unn pack. US almonds (afteted) - market 
unstable, prices rising. US walnuts LHP 20* - 
steady at 5,840 FAS Critfamta. Iras* ea shews 
raw; 1995 crop, W-320. 5050 spot Europe: 
5,625 CPU MS’ Mamh-Aprl; W-240 6.100 spot 
Europe; 6050 CFR MS' Maich-Apri - prion 
stabffising. Turkish hazelnut kernels, 13/15 
standard is. 1995 crop ax 1400 CFR MEP. 
biting. with little business done. Russian snow 
white pumpkin seeds; 1995 crop, Ions, grade 
A, ffl 1,850 FOB MEP: fluid &330 FOB MB 3 . 
US atflflpwer sends 2£VBA tong at $840 OF 
MEP. Chinese grade A pine kernels. 1995 crop 
at 5,300, spot UK or 4,500 CFR from origin. 


to 27 


Price 

Pm. day 



92005 

929.10 

■ COFFS LCE (S/tenne) 


Urn 

1970 

-28 2020 1965 

1406 ' 5499 

Iter 

1834 

-23 1887 1829 1499 10286 

Jri 

1773 

-22 1825 1773 

664 4435 

SIP 

1746 

-16 1785 1750 

41 2418 

Nov 

173 

-14 1778 17B7 

21 1462 

Jen 

1705 

-24 1753 1753 

5 275 

Total 



4432 27475 

■ COFFEE ■C CSCE (37,500U»: centa/Us) 

Mar 

11440 

-1.70 117JSQ 11445 

618 1.670 

iter 

11195 

-140 11020 11180 0363 10264 

Jri 

111.85 

-1.65 11440 111.80 

1410 4,117 

ft* 

11140 

-1.40 11190 11140 

487 1778 

DM 

10070 

-1-55 11340 10050 

49 1484 

Her 

10075 

-140 1110D 11100 

18 406 

Trial 



0856 20807 

■ COFFEE (ICO) (US eents/Jjound) 


to -a 


Piten 

Ptw. day 

ciwp. 

- 10520 

10449 

15 day mirage — 

- 11078 

111.16 


■ No7 PREMIUM RAW SUGAR LCE (carts/aw) 


Hsr 1050 

MS? 1150 

Jri 1150 

ToM 


■ WHITE SUGAR LCE (Shonno) 


Hay 

3813 

-04 


3707 1.131 

14428 

tag 

3611 

+14 

3815 

3564 734 

0711 

Oct 

324.3 

+04 

323.3 

3216 445 

4,609 

Dee 

314.3 

♦1.4 

3134 

3110 165 


Mar 

3004 

+03 

3009 

3084 10 

675 

May 

3008 

-07 

3054 

3054 11 

506 

Trial 




1496 20461 

■ SUGAR II 1 CSCE fllioottts; cents/lbe) 

■ter 

13 16 

+013 

1345 

1193 14.701 

13,403 

M»r 

1149 

+015 

1240 

11.7510438 

63.490 

Jri 

1145 

+008 

1146 

1090 A320 33534 

Oct 

1062 

+003 

1065 

1053 14 59 26512 

Mar 

1042 

+002 

1033 

1025 887 

13437 

■ay 

1042 

+041 

1043 

1016 64 

9460 

Tefal 




SI, 774 168406 


M COTTON NYCE ggpOOtes; centa/ttri 


Mar 

8160 

+017 

8170 

8110 

433 

569 

■hr 

8173 

+018 

8340 

83.11 

3418 23411 

M 

8447 

♦047 

8455 

8340 

1403 

11,772 

Oct 

8140 

-010 

8140 

81.00 

512 

1464 

Dm 

7099 

+021 

8D.05 

7005 

1157 

IS, BOB 

Her 

6140 

+040 

ai4Q 

8047 

U 

1487 

Total 





0323 57400 

■ ORANQE JUICE NYCE (15.000bs: conta/toa) 

Mar 

12050 

+1.05 12060 123.60 

1,128 

3420 

May 

12040 

+080 

12070 

125. 60 1479 

10.736 

Jri 

126.10 

+080 12640 

125.75 

177 

1364 


12445 

+070 

12540 

12450 

132 

1483 

Hw 

12150 

-0D5 

12150 

12150 

177 

634 

Jm 

121S 

-040 

12240 

12145 

66 

2488 

Trial 





0859 21,143 


VOLUME DATA 

Open traerest and Volume data shown for 
contracts traded on COMEX. IWMEX, CBT, 
NYCE CME and CSCE are one day to arrears. 


INDICES 

■ RHJTBtS (Base 1ftW31 =100) 

Flab 28 Fab 27 month ago year ago 
2137.3 21308 2175.0 . 2327.1 

■ CRB Panama (Baaai 1987=1Q(B 


Rri> 27 Feb 29 month age year ago 
24925 249,07 24JL45 234.01 

■ BSCI Spot (Base: 1370^100) 


Fob 27 Fob 26 month ago year ago 
198.22 188.72 19066 17738 


Mar 61330 -0375 62500 61.400 B11 2596 

■fey 62200 -0.625 63503 62025 1591 4545 

Jot 60525 -0.425 61.150 61150 211 1594 

APB 57200 -0400 57.B00 57200 33 358 

Fetl 65.600 -1500 65550 64500 1 2 

Total 2.776 9,196 


LONDON TRADED OPTIONS 

Strike price $ lonna — Cals Pule — 


M ALUMINIUM 


(99.7%) LME 

May 

Jul 

May 

Jul 

innn 

1« 

143 

17 

32 

f RfVl 

52 

84 

54 

71 

1700 . 

19 

44 

120 

130 

■ COPPER 





(Grade A) LME 

May 

Jul 

May 

Jul 

2400 

130 

123 

2B 

ea 


67 

72 

64 

ne 

2600 

30 

40 

126 

182 

■ COFFEE LCE 

May 

JUI 

May 

Jul 

1860 _ 

107 

126 

123 

217 

1900 

87 

124 

153 

251 

1950 ..._. _ _ 

71 

109 

187 

288 

■ COCOA LCE 

May 

Jul 

May 

Jul 

are 

46 

B1 

10 

IS 

900 

30 

64 

19 

27 

925 

18 

50 

32 

38 

■ merr crude ipe 

Apr 

May 

Apr 

May 

1 Ml 

- 

- 

fl 

45 

1700 ™ .. 

115 

70 

10 

_ 

1750 — 

72 

48 

37 

- 


LONDON SPOT MARKETS 

H CRUDE OB. FOB (per barrei/Mar) +«r- 


Drirt 

Sl6.18-fl.19w 

-0295 

Brent Blend (dated) 

$18.78-8.84 

-0.14 

Brant Bland (Apr) 

St7j6a-7.BB 

-032 

W.TX 

ST9.24-e.26w 

-0.43 

at OR PRODUCTS NWE prompt detvery OF (tonne) 

Premium Gaadhe 

SI 80-187 

-1J 

Gas OB 

$189-191 

-fl 

Heavy Fuel On 

Si 00- 102 

*2 

Naphtha 

SI 71-1 73 

-0.5 

Jet fwsJ 

E2 10-21 2 


Dkxwi 

Si 92-194 

■4 

Petratean Tat London (OITTj 330 S732 


■ OTHER 



Gold (per troy odt 

S387-60 

-1.86 

Silver (per troy or)X 

546.5c 

-fl.0 

Platinum (per troy ozj 

$408.00 

-1.35 

Palladium (per troy 01] 

Si 37.50 

-1.75 

Copper 

122 Jto 

-1X> 

Lead (US prod.) 

4T.75e 


Tin (Kuala Lianpui) 


-0.03 

Tai (New York) 

291 toe ' 

-U) 

Cattle (live weight)! 

imei 

■089* 

Shoop (Ova wayhtftA 

13139 

+2.71" 

Riga dm wriohOT 

10O21 

-tir 

Lon. day sugar (raw) 

£320.6 

+3J 

Lai day sugar (Wte) 

$404.0 

-1.1 

Barley (Eng. toed) 

ms 


Mata fUS No3 Ytflow) 

1S0.5Z 


Wheat (US Dark North) 

ling. 


Rubber (Ma)¥ 

notop 

-0.50 

Rubber (ApjV 

HOtop 

-050 

Rubber (XL R$S NOT) 

421 tom 

+4.0 

Coconut 04 (PhSfi 

S730JN 

+15 

Prim 08 (Malay.)! 

S502J 

-20.0 

Copra (Ptiq§ 

465 jjy 


Soyabean* (US) 

2O0Oy 

-1J) 

Cotton OuDodf A' Index 

ffi-05 

■Oto 

Woohops (644 Super) 

438p 



C per tonne wtaw ctfwmfce eat p pmce/fcg. c cmaflh. 
i rtam/hfr m rtmnjikii aenoiko. u F*b.V w «r. y w 
Urn. * Marttpr London PtipicaL 5 OF ma rt en , 8 
Bunion nurtM don. i snoop <Uw wright price*). - 
Cnanpo on unt tPrtcoo ore tor pswtoui wMt 



CROSSWORD 


No.9,006 Set by VIXEN 



ACROSS 

1 Carol has got left Inside for 
playing about (8) 

5 Providing the school-head 
with a home is most sensible 
i6> 

9 Beat a municipality’s acquisi- 
tiveness (8) 

10 Falsetto song rendered by a 
star (6) 

12 Gather a scholar’s into dope 
(w 

13 Appealing for reform, see 
about involving university (9) 

14 Arttet in a bistro showing bat- 

16 Some won't rest lest they lose 
support (7) 

19 Soldiers in very quiet sur- 
roundings are fit (7) 

21 Breathe heavily when holding 

„ ® note ' J 3 is Quite obvious (6) 

23 Place of entertainment offer- 
ing various things to have a 
shot at (9) 

25 is back with first wife, though 
to separate (5) 

26 Haw marching men proceed - 
on foot (6) 

” - ’*■ 

29 Sid's deep maybe, but cer- 
toinly not admired (8) 

, _ „ DOWN 

\ Can out a comedian (6) 

2 ™®?,y°toigstera alone are 

cared for (9) . 


3 Sound demand for staples (5) 

4 Unskilled, but that's excel 
tioual cn 

6 A grant giving rise to growin 
concern (9) 

7 Mnse, but get too dishear 
ened after a time (5) 

8 Fliers making childish con 
plaint over quarters (8) 

11 Go on a strict diet witbou 
wavering (4) 

15 Some people stuff at home (91 

17 Skin-specialists work here 
work in earnest (9) 

w Taking advantage of otters 
generosity and cleaning u 
(8) 

20 See some ladles' pyjamas ffl 

21 Authority to turn in certat 
currency (7) 

22 Conned a gafrij (gj 

24 Gout’s bad for the appetite (5! 

-5 Capital cover, naturally (5) 
Solution 9,005 



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Q a □ 

deddh 

Q Q G 

aaaBQ 
u fl 

a q a 

QQQEQ 

a b b 

DdHCJ 

a g b 
□naaa 

□ O U; 

ansna 







- i i j 




— 



/ Ifl 


- • 


f- r -i:f3! naa*. 


' 7 - ■iibbilia s'-- 

.1' 

■ --:sUgntt4 

• - ~zr. 

•f 



• a ; as- 

r 

• • • •• se cpa* 


■ - ;• rJ’.-rd’r [t»; 

>1 

S&&BL 


■ ' ■ :ooosg3i 


raw-ans 

■ r 

■■••• .::s :-S?sgsc 

T 




GUESS WHAT 300,000 INFLUENTIAL RUSSIANS 

GET UP TO EVERY FRIDAY. 

They bury themselves in the Classified Section of their Financial Izvestia. 

As well as all the national and international news and the informed comment they find 
in Tuesday’s and Thursday’s Financial Izvestia, Friday’s pink pages have an added attraction. 

They hunt through the Appointments and Real Estate, weigh up Business 
Opportunities and Franchises, check out Travel and Tourism offers and what’s coming up in 
Conferences and Exhibitions, Education and Executive Courses. 

They are business minded people, so where better to talk to them about your business 
than in Financial Izvestia - their authoritative, Russian language business newspaper. 

For more information about advertising in the Classified Section, call Universal 
Media Ltd. on (444) 0171 935 2369 or fax (444) 0171 935 1929. 







FINANCIAL TOMES THURSDAY FEBRUARY 29 1996 


INTERNATIONAL CAPITAL MARKETS 


Prices recover despite US data 

report, but: "We don't think 


Tightly priced $200m d 
for RTZ Canadian unit 



By Richard tapper and Satner 
Iskandar In London and lisa 
Branstan in New York 

Government bonds enjoyed a 
generally better day yesterday 
with markets recovering some 
ground after their losses of 
recent weeks. The improve- 
ment occurred despite higher 
than expected January con- 
sumer price inflation figures 
from the US. 

A number of analysts hinted 
that yesterday's bounce In 
prices could foreshadow a 
return to more bullish condi- 
tions. Mr Maris Fox, European 
strategist at Lehman Brothers 
in London, said: “Investors 
have got too bearish and every- 
one felt bond market yields 
were going to rise for ever. 
Some investors are still wor- 
ried about a repeat of 1994 but 
that school of thought is 
diminishing fast" 

Mr Michael Burke, senior 
economist at Citibank, how- 
ever, is expecting further rises 
in bond yields over the course 
of the year. He said yesterday’s 
events were "characteristic of 
a market being driven by 
flows. The market was over- 
sold. People who have gone 
short have bought back". 

■ In morning trading in the 
US, the long end of the Trea- 
sury curve largely shrugged off 
the January CPI data, which 
showed a higher than expected 
0.4 per cent month-on-month 
increase. 

Near midday, the benchmark 
30-year Treasury bond had 
gained g to 94%. yielding 6.430 
per cent. However, two-year 
notes, which had been flat, lost 
some ground after the figures 
were published. 

Several economists said they 
did not believe the figures indi- 
cated a sharp rise in inflation- 
ary pressures, but the data was 
seen as another element work- 
ing against the probability of 
the Fed further loosening mon- 
etary policy in the near term. 

Mr Elliot Platt, an economist 
at Donaldson Lufkin & Jen- 
rette, said monetary policy 
decisions remained contingent 
on next week's employment 


the economic data for the 
entire year are severely 
impacted to a negative degree 
... but they do represent a defi- 
nite short-run problem.'’ 

Also weighing on the market 
was the new supply to be 
issued at the Treasury Depart- 
ment's afternoon auction of 
$!2.5ta in five-year notes. 

Weakness at the short end of 
the curve that maps the spread 
between yields on the two-year 
note and the long bond caused 
it to flatten by U basis points 
to 110 points. A Hatter curve 
usually indicates that market 
participants do not expect 
strong growth in the economy. 


GOVERNMENT 

BONDS 


■ German government bonds 
closed higher again, prompting 
a shift in traders’ short-term 
positions. The March bund con- 
tract closed at 97-26, up 0.36. 

The markets were supported 
by data indicating weaker 
demand in the engineering sec- 
tor, a 1 per cent year-on-year 
decline in import prices, and 
reports that unemployment 
could soon hit the 4J>m mark. 
Some investors were active 
buyers, sensing this could be 
the last opportunity to lock-in 
relatively high yields after the 
correction of recent weeks. 


By Conner Middelmann 

Deutsche BOrse, the German 
stock exchange organisation, 
has opened an access point in 
Loudon to allow participants 
there entry into IBIS, its elec- 
tronic cash securities trading 
system, and DTB, its screen- 
based derivatives market 
While five UK-based institu- 
tions - Commerzbank, the 
London branch of Landesbank 
Hessen Thtirtngen, and futures 
brokers FCT Europe. Saratoga, 
and Spear Leeds & Kellogg - 


"European bonds still look 
attractive.” said Ms Cathy 
Jones, an analyst at Prudential 
Securities in Chicago, but she 
warned of currency risk for 
do liar-based and other non-EU 
investors. 

However, other traders said 
yesterday’s trading was largely 
technical and did not reflect a 
change in sentiment. One 
French futures trader said 
"activity was mostly timing- 
driven. with large hedging 
positions being rolled-over 
from April into May and June 
maturities, in order to cover 
[next month's European] Inter- 
Governmental Conference**. 

Other analysts also expect 
rising volatility in coming 
weeks, as the IGC draws 
nearer and the agenda remains 
unclear. This could induce a 
steepening of continental Euro- 
pean yield curves, "particu- 
larly in Germany", said Ms 
Jones, as investors start seek- 
ing a higher risk premium for 
longer-term bond holdings. 

■ UK government bonds rose 
in line with the international 
trend. On Liffe, the March 10- 
year futures contract closed at 
I07&, up g on Tuesday’s dose 
but off the day's high of 107^. 
In the cash market the yield on 
the benchmark 10-year gilt fell 
by 1 basis point. Yields on 
shorter-dated paper rose mar- 


already have direct links to 
the DTB system, the new 
access point will make it 
easier and cheaper for UK- 
based dealers to hook into it 
said Mr Jorg Franke, a board 
member of Deutsche Borse. He 
expects 10 to 15 institutions to 
trade on the access point 
within four to six months. 

From March 18 the DTB will 
also start trading long-term 
options on the DAX stock 
index, extending maturities 
from one to nine months to up 
to 24 months, he said. 


Although the auction of 8 
per cent gilts due 2021 was 
comfortably covered (1.48 
times), analysts said the yield 
tail - the gap between the 
yield of the average and the 
lowest bids - of 5 basis points 
was high and indicated uncer- 
tain investor demand. 

"Although it was never 
expected to be a stunning suc- 
cess, the auction proved more 
difficult than some had 
thought," said Mr Nigel Rich- 
ardson at Yamalchi Interna- 
tional (Europe). 

■ French bonds took heart 
from the positive mood in the 
US and German markets fol- 
lowing the release of US data. 
The March contract of Matifs 
"notional" 10-year future 
closed at 120.94, up 0.52. It 
broke the 121 barrier and was 
still climbing in late trading on 
Globex and traders believe 
there is scope for further gains 
now a Ger man rate cut is back 
on the agenda. The 10-year 
yield spread over Germany 
narrowed by 6 basis points to 
26 points. 

■ The Spanish and Italian 
high-yield markets outper- 
formed Germany, mainly 
reflecting D-Mark weakness 
and dollar strength. Both also 
benefited from perceptions of 
unproved prospects for politi- 
cal stability. 

In Spain, MefTs March 10- 
year Bono future closed at 
96.40. up 0.76. In the cash mar- 
ket, the yield curve flattened, 
reducing the spread of 10-year 
Bonos over bunds by 10 basis 
points to 325 points. 

On Liffe the March 10-year 1 
Italian BTP futures contract 
settled at 110.62, up 1.12, rising 
to 110.83 in APT trading. In the 
cash market the 10-vear yield 
spread over Germany fell from 
426 to 413 basis points. 

• According to a monthly sur- 
vey by Lehman Brothers, 
which covered 30 investors 
holding $120bn in fixed income 
funds, investors have increased 
the amount of money they hold 
in cash from 6 per cent in Jan- 
uary to 12 per cent in Febru- 
ary. 


Canadian 
Pacific seeks 
approval for 
railway bond 
restructuring 

By Peter John 

A Canadian court will meet 
today to consider moves _ to 
restructure a Canadian Pacific 
railway bond which was origi- 
nally issued more than 100 
years ago. 

The general division of the 
Ontario Court in Toronto win 
set a date for a court hearing 
that win decide both the size 
of the bondholder quorum and 
the majority needed to 
approve changes to the terms 
of the brad, which were origi- 
nally set ont in a Canadian 

Act of Parliament. 

Canadian Pacific raised 
C$i84m by issuing tranches of 
a 4 pm* cent redeemable bond 
between 1889 and 1930. The 
bonds offered investors a 
cast-iron guarantee in the 
form of a charge on its physi- 
cal assets in the event of 
default. 

However, as part of the 
restructuring move, Canadian 
Pacific wants to make repay- 
ments on the bond the respon- 
sibility of a new railway divi- 
sion, one of six operating units 
created in a broader reorgani- 
sation of tbe company, in 
effect watering down the guar- 
antee. 

Canadian Pacific wrote to 
investors about its plans at the 
end of Jannary, saying it 
would raise the coupon on the 
bond to 5 per cent. 

However, many of the 2,000 
to 3,000 UK investors who 
bold the bonds say the 
increase is insufficient. 

Mr Michael Dyson of BZW, I 
the UK investment bank, who 
is leading the investors’ lobby, 
says: “Yon are tending money 
until infinity and that is a 
long time for a railway. If you 
wish to undertake such a radi- 
cal restructuring, logic sug- 
gests yon would seek to 
redeem the bond and refin- 
ance.” he said. 


By Conner Middahnann in 
London and Raymond 
Coffitt in Caracas 

RTZ, the world’s largest metals 
and minerals producer, yester- 
day issued its first dollar bond, 
S2QQm of five-year bonds for its 
rianariian subsidiary. 

While the bonds* rarity 
appeal and Aa3/AA- rating 
were attractive features, some 
dealers said the 53 basis point 
launch spread over Treasuries 
was too tight, slowing place- 
ment However, book-runner 
JF Morgan reported good 
demand from UK, Swiss and 
offshore us institutions. 

The Dutch guilder sector was 
active, with three new deals 
worth FI 950m. The municipal 
fina n c i n g institute BNG issued 
FI 500m of four-year bonds via 
SBC Warburg, targeted primar- 
ily at Swiss investors. 

Belgium's Kredletbank 
Issued FI 200m of perpetual, 
subordinated, callable step-up 


bonds met strong demand, 
mainly from Dutch institu- 
tions, ar| d the spread over gov- 
ernment bonds narrowed from 
95 hads points at launch to 85 
points, said lead manager ABN 
Amro Hoare Govett 
T^gf De Nattonale Invester- 
iugsbank issued FI 250m of six- 
year bonds, also via ABN, 

INTERNATIONAL 

BONDS 


aimed primarily at Benelux 
retail investors. 

Elsewhere, the Venezuelan 
government will resume over- 
due payments in excess of 
3800m cm its domestic and for- 
eign debt, the finance ministry 
said. Payments will be 
financed by two sovereign 
bond issues worth a total of 
$89 lm, for which Mr Matos 
Azocar, the finance minis ter, 
signed agreements with under- 
writers an Tuesday. 


A seven-year DMTSOm.wgne 
yielding around SoQ- besis 
points over German govern- 
ment bonds will be placed- j^y 
Westdeutsche Landesbank mg 
Y40bn of three-year bond& v& 
be placed an the Japanese mar- 
fcet by Nikko Securities, y..-- 

The mandates come 
days after Standard. & Poor’s 
downgraded Venezuela's Euro- 
bond rating to single-B with a 
negative outlook. Yet finaMe 
minis try officials are CODfidQtt 
the issues will find buyers. 
They said the maturity ojf&e 
D-Mark bonds indicated confi- 
dence by German investors in 
Venezuelan government boqds. 

Analysts in Caracas said 
they would ‘•wait-and-see" 
before judging whether the 
issues, which are subject to 
approval by congress and the 
central bank, can be success- 
fully placed. By paying over- 
due debt and keeping up with 
its 1996 payments, Venezuela 
hopes to improve its rating. 


NEW INTERNATIONAL BOND ISSUES 


Borrower 

US DOLLARS 

Ben* 0 } Nava Scotiatfs) 

RTZ Canada HokfingaOl 

Amount 

RV 

300 

200 

Coupon 

**> 

(h) 

aoo 

Price 

100-00 

89.729R 

Maturity 

Sep 1997 
Mar 2001 

Fees 

% 

0675 

CL30R 

Spread 

bp 

(a) 

Book -runner 

UBS 

JP Morgan 

YEN 

SocGen*(aXD 

lObn 

3.00 

100.00 

Mar 2001 

125 


IBJ 

SocGenwfa) 

6bn 

1.00 

100.00 

Mar 2001 

125 

" 

IBJ 

SWISS FRANCS 

Korean Development Bnk 

200 

*25 

103275 

Mar 2001 

2.00 

“ 

Crscffi Stesse 

GECCftd* 

100 

w 

101.95 

Mar 1999 

125 

- 

Menffl Lynch 

GUILD BtS 

BNG 

500 

5.00 

9920R 

Mar 2000 

023R 

FWffl 

SBC Warburg 

De NIB 

250 

aoo 

ioao5R 

Apr 2002 

020R 

♦i9(n 

ABN Amro Hoare Govett 

Krac5ettanfc Inti Rn(cJ 

200 

7L25 

99.450 

undated 

0.75R 

|C1| 

ABN Auto Hoara Govett 

AUSTRALIAN DOLLARS 

Barclays. Australia Inti Rn 

100 

aoo 

IDO. 67 

Apr 1999 

120 

- 

BZW 

BB 

67.5 

725 

10060 

Mar 2001 

120 

- 

Bank of Tokyo Cap Mkts 

CANADIAN DOLLARS 

Province of Manitoba 

150 

625 

99.35R 

Apr 1999 

0225R 

(d) 

CSC Wood Gundy 

PORTUGUESE ESCUDOS 
BBT 

20bn 

<d 

100.17R 

Mar 2001 

0.1 OR 

. 

(91) 

LUXEMBOURG FRANCS 

Gmfinance ILuxJfe) 

2bn 

5.00 

102.40 

Apr 2005 

260 

- 

BGL 

ITALIAN URE 

BBffl 

150 

960 

102268 

Jan 2001 

1.75 

- 

JP Morgan 


Final terms. novcaBatee unless stated. Yield spread (over relevant gut bond) at lauxrii supplied by lead manager. MHMad. * 
Boating-rate note- (Semi-annual coupon. A- fixed re-offer pries: fees shown at re-offer towel a) Spread; -*33bp. Gut bond; wi Syr 
Treasury. To be set today, b) Fungible with SFr200m_ Plus 2i days accrued internet. 14 Cariabie at pw from2Q06 and every lOyrs 
thereafter. D not called, coupon steps-up to 250bp over lOyr DSL after TOyrs. Cl) +95(Jan06DSU- tflPrtoed at +-11(5^95-99) or 
+31(895-98). e) Coupon 5% far 1st 3yis, 79* for yrs 4-fi. thereafter 9%. Q Pla 61 days accrued Interest General BS selling rest riction s 
and Italy. $ Navigator bond. 3-msh Usbor -USbp. glJBarwo Pints & Soto Meyor/Bnco Sntndr de Ngcs (Portugal), hj 3-mth Libor -Stop, 
j) 396 tor IK Zyre. thereafter vales deperxfing on performance. 0 Over interpolated yield. I) Long 1st coupon, s) Short IK coupon. 


ginally. 

Deutsche Borse opens 
access point in London 


WORLD BOND PRICES 


BENCHMARK GOVERNMENT BONDS ■ bump futures options iuffe) dm250.ooo points of 100% FT-ACTU ARIES FIXED INTEREST INDICES 



Coupon 

Red 

Data 

Price 

□ay's 

change 

Yield 

Week 

ago 

Month 

ago 

Australia 

10.000 

02/06 

1086230 

-0.420 

8.78 

668 

8.10 

Austria 

8.125 

02/06 

96.7200 

+0 320 

666 

6.80 

6.14 

Betgton 

7.000 

05/06 

101.1600 

+0.450 

663 

665 

669 

Canada* 

B.750 

12/05 

ioa.6ioo 

+0610 

749 

7.49 

7.00 

Denmark 

8.000 

came 

102.8600 

+0.660 

7.81 

7.66 

660 

Franca BTAN 

7.000 

10/00 

105.1250 

+0650 

5.69 

5.78 

5.34 

OAT 

7.250 

03AM 

1046700 

+0.640 

8.65 

6.71 

869 

Germany Bund 

5600 

01/08 

97.4000 

♦0450 

666 

633 

562 

Ireland 

aooo 

08/08 

101.0000 

+0650 

764 

7.79 

764 

Italy 

10600 

oa/a> 

101.5400 

+■1630 1064T 

10.60 

9.86 

Japan No 129 

6.400 

03/00 

1156130 

-0.100 

2.15 

2.08 

1.72 

No 182 

3.000 

09/D5 

966780 

-0640 

3.42 

3.15 

266 

Netherlands 

6.000 

01/06 

976800 

+0680 

867 

667 

5.81 

Portugal 

1 1.875 

02/05 

1134100 

+0610 

968 

9.81 

9.19 

Spain 

10.150 

01/06 

1026100 

-0660 

9.59 

9.94 

9i32 

Sweden 

6.000 

02/Q5 

B36270 

♦0.7SO 

8,73 

9.X 

7.96 

UK Gets 

8.000 

12/00 

103-07 

+4/32 

7.18 

7.10 

6.80 


7.500 

12436 

97-00 

+10/32 

762 

760 

7^8 


9600 

10/08 

107-18 

+9/32 

8.04 

764 

746 

US Treasury • 

5.625 

02/06 

96-29 

*2/32 

6.04 

564 

ase 


6.000 

02/28 

94-06 

+11/32 

6.44 

664 

8.01 

ECU (French Gcrrtl 

7.500 

OV05 

1026400 

♦0640 

7.18 

767 

6.04 


Lorelon drama. "Nee York mU-doy YMdK Local mwtat anted- 

T Goa* pictxftw urtmhakSn y on at 125 par emit papabfe by nsmnfcteifd 
PrionGUSUKgtaZtds. othort m daomal Soure* IAMS fnternuW 


Strflm CALLS PUTS 


Price 

Apr 

May 

Jun 

Sep 

Apr 

May 

Jun 

Sep 

0600 

0.99 

1.27 

1.46 

1.44 

0.50 

0.78 

0.99 

1.79 

9660 

0.69 

0.98 

1.19 

122 

0.70 

(3.B9 

IX 

2.06 

8700 

0.46 

0.72 

0.94 

IX 

097 

123 

145 

227 


EsL VOL total. Cals 20001 Puts 22349. femora days open WL Com 224459. Puts 135521 

Italy 

■ NOTIONAL ITALIAN GOVT. BOND (BTP) FUTURES 

(LIFFE)* Lira 200m lOOths of 100% 

Open Sett price Change High Low EeL voi Open M. 
Mar 109.92 11062 *1.12 110.83 109.86 47776 38700 

Jun 109.60 110.21 +1.10 110.25 109.60 4984 17524 

■ ITALIAN GOVT. BOND (BTP) FUTURES OPTIONS (UFFE) L*3200m lOOths of 100% 


Strike — CALLS — - - PUTS 


Price 

Jun 

Sep 

Jun 

Sap 

11000 

2.16 

222 

1.94 

3.02 

11050 

IX 

259 

2.17 

329 

Him 

1.64 

227 

243 

3.57 


Est v«A row. Cate 3556 Pun 3831. Previous day* opan rt, Cota «4®«8 Pun *1691 


Spain 

■ NOTIONAL SPANISH BOND FUTURES (MEFF) 


Price Indices 

Wed 

Day's 

Tue 

Accrued 

xd act- 


— Low coupon yMd— — Medium coupon yleid- — Mgh coupon yield — 

UK G8ts 

Feb 28 

Change % 

Feb 27 

inrerea 

ytd 


Fob 28 Feb 27 Yr. ago Feb 28 

Feb 27 Yr. ago Feb 28 FeD 27 

. Yr. ago 

1 Up to 5 years (23) 

122.15 

+0 08 

122.05 

2-01 

1.58 

5 yrs 

728 722 820 722 

7.36 862 741 7.45 

878 

2 5-15 years (20) 

147.04 

♦027 

147X 

2.74 

121 

15 yrs 

8.11 8.15 822 8.13 

0.16 863 82S 827 

824 

3 Over is yean (B) 

16049 

♦025 

160X19 

227 

241 

20 yrs 

621 824 847 821 

824 883 831 833 

874 

4 Irredeemables (B) 

18423 

-0.17 

18321 

3.61 

OX 

foad-t 

828 829 B.52 



5 All stocks @7) 

142.07 

+020 

14128 

2.42 

1.55 


— - inflation 5%— — 

— biftokw 10% 


index-Aohed 







Feb 28 Feb 27 - Yr. ago 

Feb 28 Feb 27 Yr. ago 


6 Up to 5 years D) 

19625 

-OX 

10625 

3.03 

aoo 

Up *o 5 yrs 

2.74 2.71 329 

145 141 222 


7 Over 5 years (11) 

184.70 

-0.13 

18424 

1.04 

063 

Over S yrs 

3.73 3.72 329 

322 331 3.70 


8 AH stocks (12) 

10424 

-0.13 

185.08 

1.09 

OB2 




- 


Average gross redemption yteds an shown above. Coupon Bench: Lew: 0M-71AM; Modkinc Sfe-iOVX; Ktgh 11M end ever, t Rat yMd. ytd Yaw so daw. 


FT FIXED INTEREST INDICES GH.T EDGED ACTIVITY INDICES 



Feb 28 

Feb 27 

Feb 26 

Feb 23 

Feb 22 

Yr ago 

Wgh* 

LOW 


Feb 27 

Feb 26 

Feb 23 

Feb 22 

Feb 21 

Govt Sees. (UK) 

9321 

93.13 

93X 

93.65 

83.65 

91.12 

9634 

9022 

Gft Edged bargains 

887 

12115 

63.1 

104.6 

1184 

Bud interest 

11131 

112.15 

11228 

11228 

11225 

109.60 

11523 

10877 

5-day overage 

102.4 

1Q3.7 

988 

992 

987 


•to 190&SS. OoMfiviwra Sacurttiei hgh smee ccmpAaacn; 127-40 S/V35L tow 49.18 (3/1/ffi). Ftxnd tatties Ngh Wee comptottorr 13307 (Z1/1/M . low 9053 (3/1/79 . Basis IOQi Government Secwttkes 1ST 
KVZB and Fbred interns* 1928. 36 activity ntas retread 107*. 


US INTEREST RATES 


Latest 



Treasury BSs 

and Said TtaMs 



au 

7 





Brato ban rare 

Threa rwrth„ 

501 

Fire year 

_ 552 

FaLtmb — 

TaLtmdsa Unetitii. 


9> metti 

Om fm 

. 5JB 
ill 

KHn* 

anwr 

6U3 

t43 


BOND FUTURES AND OPTIONS 


France 

■ NOTIONAL FRENCH BOND FUTURES (MAT1F) FF16OO.OOO 



Open 

Sett price Charge High 

Law 

EsL voL 

Open hit 

Mar 

120.58 

120.04 +0.52 

12138 

12026 

148,809 

149.646 

Jui 

120.64 

12028 +850 

121.08 

120.60 

4.700 

23224 

Sep 

119.48 

119.02 +0.50 

119.46 

119.46 

2 

2411 

■ LONG TDM FRENCH BOND OPTIONS (MAT1F) 




Qlnlni 


/*A| J <2 _____ 





Price 

Mar 

leRIXO - ' 

Jim 

Sep 

Mar 

PUTS •— 
Jun 

Sap 

119 

120 

- 

2,40 

031 

875 

. 

120 

027 

- 

- 

022 

136 

. 

121 

0.16 

1.47 

129 

133 

131 

. 

122 

031 

0.96 

- 

- 

. 

. 

123 

- 

863 

- 

- 

- 

- 


Est. voL MW Cato 18JE9 Puts 27.684 . Previous days open H.. Colls 217.303 Puts 214.2*1. 


Germany 

■ NOTIONAL GERMAN BUND FUTURES (UFFET DM250,000 IQOttra o4 10094 



Open 

Sett price 

Change 

High 

Low 

EsL vol 

Open inL 

Mar 

9885 

9726 

+024 

9743 

9876 

237877 

145S26 

Jun 

9802 

9649 

+0.37 

96.65 

96.ro 

40650 

127605 



Open 

Sett price 

Change 

High 

Low 

EsL VOL 

Open en. 

Mar 

95.75 

9840 

+0.76 

9633 

95.75 

63287 

*2299 

Jk*1 

UK 

95.80 

9525 

+0.65 

9630 

9530 

5.999 

5.438 


■ NOTIONAL UK GILT FUTURES (UFFE)- £50,000 3Znds of 100% 


Open Sea price Charge l-figh Law Est. vd 

Mre 106-29 107-06 +0-11 107-14 106-36 B67B0 

Jun 106-06 106-16 +0-11 106-23 106-03 21832 

■ LONG G8T FUTURES OPTIONS (UFF^ £50.000 64ths of TOOK 

Open lm. 
95680 
83949 

Strike 



. . * 









Price 

Apr 

May 

Jun Sep Apr May 

Jun 

Sep 

106 

1-13 

1-41 

1-82 2-17 0-45 1-09 

1-30 

2-29 

107 

0-44 

1-09 

1-29 1-K 1-12 1-41 

1-61 

3-00 

108 

0-22 

0-16 

1-02 1-28 1-54 2-16 

2-34 

3-40 

Est voL too*. Cafe raoo Pun 2025. Prewous 1 toy* open fcit_ Cafe 28*33 Puts 23961 


Ecu 







■ ECU BOND FUTURES (MAT1F) ECU 100.000 





□pen 

Sett pnoa Change High 

Low 

EsL vd. 

Open inL 

Mar 

89.38 

09.42 

+022 8834 

8924 

2278 

7.610 

us 







■ US TREASURY BOND FUTURES (C8T] 3100,000 32ncfc of 100% 



Open 

latest 

Change High 

Low 

Est voi. 

Open ML 

Mar 

115-60 

115-14 

115-20 

114-29 

*12.823 

249317 

Jun 

114-18 

114-30 

+0-12 115-04 

11*-11 

36.785 

154.188 

Sep 

113-29 

114-15 

+0-16 114-17 

113-29 

4,800 

12,000 

Japan 






■ NOTIONAL LONG TERM JAPANESE GOVT. BOND FUTURES 


(UFFE) YlOOm lOOths of 100% 





Open 

Close 

Change High 

Low 

ESL vol 

Open inL 

Mar 

11862 


118.70 

11838 

1243 

0 

Jun 

117.13 


11728 

117.08 

3974 

0 


' UFFE ftjtma ttao traded an API. At Open Hanes fen. we to previous day. 


UK GILTS PRICES 


-Held 

M Hal PritsE ■ 


-52 week _ 
Won low 


_ YWd_. ..52 

H fed Mce E +or ~ 


HHjh Um 


-Yield.. _ 52 weak. 

(1| ta PrtoE tor- Hfli Low 


Star*" (Urn aateftre Yean) 

Tiara 1 Steel BBS** ISAM 

E*ll 13*tet 1998# 1105 

Omenta ifec 1996 — 174 

Tran 13 tec 1907# — 1247 

Etch 10%* 1997 10.09 

Trees Cnv7ic 1987#-— 883 

naraSteClOTtt BAG 

Each T50C1BS7 __ 1324 

Bell Ape 1998 923 

TrnaTtec 199ft# 7.16 

Tien Gknc 199W»8- 8.73 

Trees 1^21* ’98# 1207 

Eadi12pc1B9B — 10.65 

Tm»9tecl999# MO 

Time Fig Rato 1909 

Bah I2tee 1099— 10.70 

Trass lO’zpc T9QS 154 

Thai 6pc 1999# 818 

OWOTtonlQtecI®- M0 
CDMfecBXttt* 8.46 

flan 13* 2000 — 10.72 

Turn lfec 1998-1 12.18 

Trese fee 2000# 7J6 


FhatoFEsaa Yam 

Trees 1 0pc 2001 

Tran ft* 2001#— — 

Trass Wipe 2002 

Tress Bpc 2003# 

Treat 10K 2003 

Treat 11 lape 2BH-4 
Faring 3J7W 1999-4- 
CanwnianOJzPcBXM — 

Trees 8*1*2004# 

Crew S >2 pc JOQ5 

Treat 1213* 2003-5 — 


Ml 

7.13 

&7B 

7.85 

185 

90S 

435 

un 

725 

8.62 

987 


&90 imu 
507 101 
5.03 togs 
5 OS 10V ? 
607 1 04/, 
636 101 

530 I03U 
538 113ft 
848 105JJ 
656 101* 
6A4 loot, 
6.74 1ZQU 
881 112H 
868 10GB 
- 1D0A 
604 I14i 2 

894 MOA 
M8 97A 
7J07 11Q& 
7.1310013*1 
7.21 121ft 

885 114U 
7.18 103ft 


722 110& 
758 9BA 

755 111ft 

7 56 lOIJl 
7J7113ftBf 
7*7 11«i 

aa 6042 

756 llOSe 
765 931* 
7.91 110ft 
752 12GB 


Treat 8 tec 2005# 

JOJij Trees 7tec 2006ft 

Eg Treat 71. pc 2006ft: 

1S j^g Traas Bpc 2002-Gft 

104ft Ttesi 11 4rflC 2003-7 

97ft Tran stjpc 2007 A 

mA Tran >3tec 2004-6 — 

m Tnao ape 2008 » 

DGB Treat fee 2009 

947a Treats INpc 2010 

120% 

109H 

10211 

99% 

111A „ 

105% OwTFUnnTem 
90ft Grew 9pc In 2011 (4 

Tress fee 2012)4 

Treat 5Jipe200B-l2tt_ 
114ft Traa»apc20l3ti 

96,1 Treat 7tipcS012-15#_ 
Treat fee 2015 

Trees 8%pc 201 7tf 

Erehiapc 301 3-17 


+ft II* I04B 
tft 101ft 90fl 
♦A H4% 10311 
1053 

4*4 117ft 105% Comet) 4pc 

H9S 11OU War -Use}* ___. 

4 96-8 Mft Tim fee W All 


1084, 

— 108ft 

104JJ 

10W 

-% 105B 

♦ft 1013 

— 10*A 

117ft 

— 107ft 

+ft 102,1 

100ft 

— 124% 
tft H^i 
— . 100ft 

100(1 

+ft 116U 
+* 112ft 
+& 9® 
*4 1121s 

♦ft 10«J 
♦ft 12*H 
♦ft 117% 
+% 105% 


816 

7J3 

7-37 

8J71 

872 

820 

1812 

8J? 

807 

7.48 


+ft 131% I19H Tteoa. 2%pc . 


7 M 104ft 

701 S7ft 

7.96 98% al 

8.00 993 

7.7S 12012 
aoo ion 

702 133U 
803 107ft 
808 99ft 
816 83H 



« 

JG70I 


JteeWtt —41355 

2%pc 01 — ST8-3) 

IteeTO (788) 

4%pC04#_.(135fl 

SpcTB (feS) 

2%peTB fna 

2tee , ii — ^_.474ffl 

2%PCT3 wa 

2%PCT6 (Eli} 

2%B‘20 4B3W 

2%pc TNtJ _ — (97.7) 
4%0C "SOft /131U 


to 

CBS 

216W 

1.45 

2/4 

inn 

101 

353 

lTsjf 

320 

160 

172H 

325 

182 

113ft 

335 

346 

3£3 

380 

SR 

350 

355 

371 

173 

168ft 

138ft 

358 

382 

3/6 

177 

H 

331 

3/5 

117ft 

363 

177 

115Q 



3* IF 

-% 17 
-ft 116 
-ft is 
-2 1575 
-ft 173ft 157% 

3 1 1*3 129% 

1 162% 13731 
-% 146i 13IU 

117ft -ft J(»% 
115fl -ft ia«i 106% 


8.40 

817 

107% 

-r% 

41213 

101fl 

838 

817 

107,'. 

+% 

113ft 

102ft 

7.02 

789 

78% 


62% 

72% 

814 

818 

Wft 

+% 

mi 

9313 

411 

818 

aw 

-ft 

10133 

92 

814 

817 

SBft 

+>* 

104ft 

MB 

831 

823 

105% 

+ft 

111% 

10W 

US 

829 

134ft 

+S& 

14133 

127ft 


Protective reel redemption rase on projected inflattoi of ft) 
10K end (2) 5%. (bj Bguraa in ponjrthtafo show RP1 base lor 
MeRing Oe a months prior to teaueg and have been at^mawn 10 
reflect Debasing of RP1 to 100 to Fobruary 1887. Conversion 
tactor 3045. HP1 tar Juna 1935; 1490 and for Jreuary 1995: 
1502. 


Other Fixed Interest 


wes u me pitetE+n- 


_5fa«L_ 
Htfi Uai 


• Tap 1 stock, tt Tax-See to notvresldor*, an 
Prun p entiHi tete ktoa-Unlied redwretecn iMds 


836 

- 47% 

+% 

soil 

4S% 

827 

- 42ft 

-A 


m 

580 

- 59ft 



62% 

S7A 

850 

- 35ft 

-% 

38ft 

34ft 

813 

- 36% 

♦ft 

3ZiS 

Wt 

825 

* 30ft 

+% 

32ft 

»% 


War Dee 10%pc 2009 896 

Stare 1f%pc2012 939 

MiaidCfeai2PcT0 804 

feeCtt1906 865 

13PCV7-2 1172 

Hjwfefeecifeczm. imi 
L flath 1 31 3006 1827 
Urerpooi Szpc erae. — 887 

LCCSpcTOAft. 896 


11 ijpc 2007. 847 

Ifctwir 3WB - 403 

HteUeAitfa 3 %dc20Z1 . 003 

4%pct2D24 

UHKiStteietoPcaU 13.15 



120 108U 
128 116% 
106 07 

104% 100% 
111% 107 

i5*a i»s 
»36to 126% 
41 33 

35 27% 
124% 113to 
75 69% 
143*2 13»to 
140% 1251; 
13Bto 113% 


C ^ rl P. tr * d -°ri«v am mown to potrte Cl 00 notninaf of stack. 
an gid m Im Dy HSBC CranMl fctnl Bonk of E n gh tf Jum g pricB8. 


FT/iSMA INTERNATIONAL BOND SERVICE 


LBed are Ihe bust htianaknl txnft fcy ertch lheie is an adequate asoniay mrek* DM! prices at 7710 pm an Miruiy 28 
toued Bid Offer Chg. Yield tosaed BU Otto Chg. Yield 


fa—d BM Otto Chg- YWJ 


U&OOUARSTRAIQKTS 


Abbey NaU T+ecsuy 6% 03 

10m 

ABN Amo Barit 7% 05 

1000 

Aifcan On Bk 7% 23 

500 

Abate Pltivres 7% 98 

1000 

Adai Dbv Baric 6% 05 

750 



Baden-Wuerti L-Fin 8% 00 

1030 

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^•^““tountoi rate D»d - 
****** "mm AreoeiatoL 





financial times Thursday February 29 1996 


23 


9 


CURRENCIES AND MONEY 


markets report 


D-Mark falls on expectations of interest rate cut 


By Graham Bowley 

Expectations of further cuts in 
German interest rates pushed 
the D-Mark lower against the 
yen, dollar and other European 
currencies on the foreign 
exchanges yesterday. 

The dollar gained against the 
D-mark but remained stable 
versus the yen with no sign of 
the heavy central bank inter- 
vention in support of the US 
currency which had marked 
sessions earlier this week. 

The Italian lira and Swedish 
krona again made substantial 
gains against the D-Mark but 
the dollar’s revival also 
dragged sterling higher against 
the German unit. 

The Czech central bank set 
emerging markets alight when 
it announced that it was wid- 
ening the currency bands 
within which the koruna 
moves. 

Sterling finished stronger 
against the D-Mark at 
DM22433, from DM22359 at the 
previous close. Against the dol- 


lar, it closed at $1.5351. from 
$1,538. 

The dollar finished in Europe 
at Y1M.39. from Y10-L50G0. and 
at DM1.4614 from DM1.4528. 

■ A reported comment by Mr 
Rudolf Scharping, the former 
SPD leader, that German 
unemployment was set to rise 
sharply this month raised 
expectations that German 
interest rates could fall again 
soon, undermining the D-Mark. 

However, few analysts expec- 
ted the Bundesbank to cut 
interest rates at its council 
meeting today. 

The D-Mark weakened most 
against the lira. Swedish krona 
and the French franc. But it 
lost little ground against the 
peseta, which remained stable 
ahead of weekend elections. 

■ Pound la Wwr York 


Mi 28 
£3pot 
Inn 
Snrai 


— umt- 

11330 

1J319 

15298 

15138 


— Pnw. dost- 
1 9415 
15*0-1 
15383 
1S27J 


Mr Mark Fox, market strate- 
gist at Lehman Brothers in 
London,' said the lira's contin- 
ued appreciation has surprised 
many domestic Italian inves- 
tors who remain much more 
bearish on the lira than foreign 
investors. 

The dollar was supported by 
the poorer showing by Mr Pat 
Buchanan, one of the candi- 
dates for the Republican nomi- 
nation In the US presidential 
race, in the Arizona primary. 
Mr Buchanan's high-spending 
and protectionist campaign 
pledges had been unnerving 
investors, analysts said. 

Comments by Mr Newt Ging- 
rich, the Republican speaker in 
the House of Representatives, 
that there might be an agree- 
ment struck soon on the bud- 
get surpised the market and 
provided further support for 
the dollar. 

Over recent sessions, the 
currency markets have been 
focussing on the extent to 
which the Japanese economy 
might be recovering. Bond 


Czech koruna 

Against the dotar (Kca par S) 



markets have weakened on the 
prospect of a rise in Japanese 
interest rates, which weakness 
has in turn hit the dollar. 

But data yesterday pointed 
to continued subdued activity 
in Japan. Figures on industrial 
production showed weaker 
growth than expected and offi- 
cial forecasts suggested that 
production might drop sharply 
in March. "This shows that 


Japan Is not in any rush to 
raise rates,” said Mr Mark 
Clifie, economist at HSBC Mar- 
kets In London. 

■ The Czech National Bank 
said it was widening the fluctu- 
ation within which the 

Czech koruna is fixed each day 
to plus or minus 7.5 per cent 
from plus or minus 0.5 per 
cent 

The move, which was widely 
expected, is aimed at discour- 
aging inflows of “hot money" 
from overseas investors which 
has boasted the money supply 
and caused problems in the 
country's fight against infla- 
tion. 

The koruna weakened on the 
announcement after some sell- 
ing by overseas investors. 

“The market took the initial 
announcement of the widening 
badly," said Mr David Sim- 
monds, an emerging markets 
economist at Citibank in Lon- 
don. He said the Czech authori- 
ties were likely to use the daily 
firing me chanism as well as 


the substantial foreign 
exchange reserves to smooth 
the koruna’s fluctuations 
within the new bands. 

But despite the immediate 
negative reaction, analysts 
said the currency was likely to 
strengthen in future sessions. 
Mr Jonathan Hoffman, at 
CSFB, said: “We now see the 
krona as being very underval- 
ued on a purchasing power 
parity basis. There is some 
upside there.” 

Although expected, the size 
of the move surprised many 
analysts. TOey also questioned 
the timing of the decision since 
the koruna has weakened in 
recent sessions after poor infla- 
tion data and as conditions in 
emerging markets generally 
have worsenend. 


WORLD INTEREST RATES 


to 23 £ 

Cad) ftp 4)5*47 - 415844 
Hpg*r 216471 - 71657* 
Ml *60650 - 460380 
0.4575 - 04583 
35109 - 35178 
7401 .it - 740444 
56360 - 56400 


Karaft 


UAL 


275720 • 270820 
Ml 560 - 141.110 
ewnnn . ■wnnnn 
02881 - 02985 
25485 • 25515 
482050 - 482500 
36726 - 36731 


POUND SPOT FORWARD. AGAINST THE POUND 


DOLLAR SPOT FORWARD AGAINST THE DOLLAR 


Fab 28 

ClOSng 

mid-point 

Change 
on day 

8 *d /offer 
spread 

Day's Md 
high low 

One month 
Rata HPA 

Three month* 
Rare HPA 

One year Bank of 

Rato HPA Ena. Man 

Euro pa 
Austria 

(Sch) 

15 7783 

*00514 

674 - 851 

15.7794 15 7322 

15.7463 

23 

166638 

2.9 



106.1 

Batgun 

(BFO 

46.0515 

+a0738 

073 • 957 

48.1180 459700 

45.9465 

27 

45.7465 

2.6 

44.8865 

2.5 

108.4 

Denmark 

(DKr) 

86658 

+ 0.0212 

613 - 702 

8 6702 B 6441 

8.6539 

1.7 

8.6337 

1.5 

B5C7B 

1.8 

1092 

rncma 

(Ff -0 

69322 

-0.003 

244 - 400 

6.9520 6.9080 

69270 

08 

6.9197 

a? 



845 

F ranee 

(FFn 

73902 

+aoiQ 2 

868 - 936 

7.7017 7 6706 

7.678 

1.9 

7.659 

1.6 

72795 

1.4 

109.6 

Gennany 

(DM) 

22433 

+0.0074 

421 -444 

22449 2.7363 

22384 

2.6 

22284 

2.7 

2.1862 

25 

110.5 

Greece 

(Dr) 

367.737 

-0307 

445 - 029 

368.430 35721 D 

. 






682 

Ireland 

OQ 

0.9719 

+0.0014 

710 - 728 

09728 09704 

00709 

12 

0.96S5 

12 

0.9655 

0.7 

972 

Italy 

<U 

237603 

-838 

403 - 603 

2382.75 2371.44 

238258 

-28 

239023 

-32 

245728 

-35 

742 

Luxembourg 

P-Fr) 

46 0515 

*0.0738 

073 - 957 

461180 45.9700 

469465 

2.7 

45.7466 

28 

44.6865 

2.5 

108/4 

Nethertanda 

(Ft) 

23093 

+0.0055 

07B • 108 

2.5185 2.4994 

25032 

29 

2 491 

2.9 

24428 

2.6 

1085 

Norway 

(NKr) 

9.7860 

*0.0275 

774 -946 

8.7946 9.7252 

9.778 

U) 

9.7645 

02 

9.7059 

02 

982 

Portugal 

(Es) 

232.952 

*0.386 

814 • 089 

233.958 232.421 

233577 

-22 

234282 

-23 

. 

. 

95.3 

Span 

(ptaj 

188326 

*0398 

833 - 020 

189920 188.426 

189.346 

-2.7 

190201 

-27 

193281 

-22 

82.0 

Sweden 

tSKr) 

102934 

*0.007 

830 - 037 

10.4337 10.2372 

102940 

-02 

102978 

-02 

102082 

- 0.1 

87.4 

Switzerland 

(SFr) 

13282 

+0.0075 

268 • 295 

19295 1 4)199 

1-8216 

42 

12083 


1.7566 

3.9 

113.6 

UK 

K) 

- 

- 

• 

• 

- 

. 

. 

. 

- 

- 

832 

Ecu 

- 

12122 

+03009 

115 - 129 

1.2140 12100 

12108 

1 A 

12001 

1.3 

1.1962 

■ij 

. 

SORT 

- 

1.043700 

- 

- 

- 

- 

. 






America* 

Argentina 

(Paso) 

13348 

-0.004 

343 - 353 

1.5405 75343 








Brest 

(OS) 

1.5092 

-0.0047 

085 • 099 

1.5208 1.5085 

. 

. 

. 

. 

. 

. 

. 

Canada 

(CS) 

2.1131 

-0.0014 

121 - 141 

2.1182 2.1103 

2.1115 

02 

21087 

0.8 

22089 

0.7 

83.3 

Mexico (New Peso) 

113058 

-00183 

786 - 830 

11.6138 11.5786 

. 

. 

. 

. 

. 

. 

. 

USA 

<s ) 

13351 

-0.0039 

348 - 355 

1.5408 1.5343 

15339 

02 

1-5317 

09 

1.521 

0.9 

95/1 

PacMc/Middfa East/AMcn 
Australia (AS} 23128 

-0.015 

115 - 140 

2.0296 2 0115 

20147 

- 1.1 

2.0195 

-12 

2.0428 

-1.5 

88.7 

Hong Kong 

(HKS) 

11.8686 

-03302 

043 . 728 

11.9115 11.6635 

11.8582 

1.1 

112458 

0.8 

11.8006 

0.6 

• 

India 

(Rs) 

533801 

-0.7237 

724 - 878 

54.7540 53.7724 

. 

. 

. 

. 

. 


. 

brad 

(Shk) 

4.7890 

-0.0089 

848 - 731 

4.7796 4.7612 

- 

. 


. 

. 

. 

. 

Japan 

- CD 

160244 

-0.589 

151 - 337 

161.050 159.980 

159.479 

5.7 

157.989 

52 

152094 

5.1 

130.7 

Malaysia 

(MS) 

33086 

-aoii7 

066 - 105 

39244 3.9066 


- 

- 

- 

- 

- 

- 

New Zealand 

<N2S) 

22920 

+03074 

904 - 935 

2293 6 22884 

22958 

-22 

2309 

-3.0 

2.3428 

-22 

104.3 

PhfflppinoB 

4Paao) 

40.1648 

-a 1649 

144 - 147 

402147 40.1144 

- 

- 

- 

. 

- 

- 

- 

StoKf Arabia 

(SHI 

5.7572 

-00149 

552 - 592 

5.7786 5.7547 

- 

. 

. 

- 

. 

. 

. 

Singapore 

(SS) 

2.1676 

+ 0.0002 

664 - 687 ' 

21723 21664 

- 

- 

- 

- 

- 

- 

- 

South Africa 

IP) 

53547 

-0.0312 

491 • 602 

5. 6778 5.8408 

- 

- 

- 

- 

- 

- 

- 

South Korea 

(Won) 

1200.95 

+1.76 

036 - 153 

1205.14 118926 

- 

> 

> 

- 

to 

to 

- 

Taiwan 

rrai 

422085 

-0.1079 

938 - 232 

423615 421902 

- 

- 

- 

- 

- 

- 

to 

Thailand 

(Bi) 

38.6679 

-0.0841 

412 - 946 

38.7870 38.6412 

- 

• 

- 

- 

• 

- 

- 


Mb 28 


dosing 

mid-port 


Change BicVQftar 
on day spread 


Day 1 * mid 

high low 


On* month Three months On* year JP Morgan 
Rate %PA Rate %PA Rate %PA noex 


Empe 

Austria 

Belgium 

Denmark 

Finland 

France 

Germany 

Greece 


Italy 

Luxembourg 

filislti *iln*nle 

Nomonflfxa 

Norway 

Portugal 

Spam 

Sweden 

Switzerland 

UK 

Ecu 

SORT 


(Seh) 

(BFi) 

(DKr) 

(FM) 

m 

PM) 

fl» 

0 Q 

W 

(LFd 

n 

(NKi) 

(ES) 

(Pta) 

(SKr) 

(SF«) 

» 


105774 

30.0000 

S.6453 

4-5160 

5.0036 

1.4614 

239560 

15795 

154750 

300000 

1.6347 

65751 

151.755 

123.075 

5.7056 

1.1910 

15351 

15664 

0.67750 


*0.0596 746 ■ 
*0.125 800 
*0.0283 440 ' 
+00097 122 
+0.0195 090 ' 
+00066 610 - 
+0.61 440 
-00064 765 ■ 
-IO 700 • 
+0.125 BOO ■ 
*0.0078 342 ■ 
+00343 713 ■ 
+054 710 
+0.705 050 • 
+0.021 B 008 - 
+0.006 905- 
-0.0039 346 - 
-0.0042 660 - 


801 102801 102150 

200 300200 295470 
5.6476 55127 
45234 4 4877 
5.0136 45845 
1.4625 1.4521 
680 239.710 238580 
BOB 1587S 1 S7B4 
740 1549.96 1541 .00 
200 30.0200 29.B47D 
1.6374 15233 
65793 65270 
800 151580 150.980 

100 12X110 122.370 
6.7749 86484 
1.1915 
15408 
15723 


105614 1.9 105299 1 5 10.1074 1.7 1065 


465 

197 

105 

617 


352 

788 


103 

915 

355 

667 


1.1810 

15343 

15647 


Argemtaa 

Brad 

Canada 


(Peso! 03999 
(RS) 03832 


<C$) 


Mexico (New Peso) 

USA IS) 

PedOcftfflddto EmMIMc* 


15766 

7.5475 


- 998 - 999 
-05005 630 - 833 
+03026 763- 766 
+03075 450 - 500 


13000 0.9999 
03670 03831 


Australia 
Hong Kang 
tad la 
•reel 
Japan 
Malaysia 


Ptdlppnes 
Saudi Arabia 
Singapore 
South Africa 


(A® 15111 

(HKS) 7.7317 
(Ra) 35.1850 
(ShW X1067 
(Y) 104590 
(MS) 25462 
(NZS) 1.4330 
(Peso) 28.1650 

(SR) 3.7505 

(SS) 1.4121 

(R) 33140 


South Korea (Won) 782550 

Taiwan (T*J 27/4965 

Thaiand (Bi) 25.1800 


-0.0064 108 - 110 1.3117 15172 

*03002 312 - 322 7.7322 7.7312 

-058 400 - 800 355800 353400 
+03021 049 - 085 XI 085 33919 
-0.115 360 - 420 104300 103390 103355 
-03011 457 - 487 2.5485 25428 

+03087 B2S - 937 1/4937 1/4686 

-0.04 400 - 900 26.1900 26.1400 
-0.0001 503 - 507 3.7507 3.7503 

+0.003S 117 - 124 
-03105 115 ■ 165 


T Ram far RX> 27 QktoAer spreads in tn* Pound Spot OMe show art/ the tor three decSrui ptaesa, Forward roue an irot remedy Quoted b die mortal bid 
are onpied by curort ■sne a r rare*. Staring nlu cremated by lha Bank ct En ghnd. Brea anaregu 1880 - 100 . Mre rebesad 1038 Bid, Offer red 
Md-ram m both ms ana me Oo*ar Spat sure derhed from Tie WM/HEUTBRS CLOSING SPOT RATES. Some vafun* are rousted by tee F T 


CROSS RATES AND DERIVATIVES 


1.4125 14088 
33175 3.7930 
+3.15 200 - 500 782500 77B/400 
+0.0005 950 - 960 27/4980 274950 275165 
+031 600 - 000 252010 25.1750 252888 
t SR rare par S tar Feb 27. Hdkartar spre a ds ta the Oofar Soar obte show only fa* tea Ore* fleams! places. Forward rates are not cSracSy quoad to the 
nsrtwt but as mpM by curare Karan mas. IJK, retard & ECU are quoted n US curancy. JJ>. Mayan nofflaei Mae Feb 27: Bare average 1990100 


29 955 

1.8 

29263 

12 

29.53 

1.6 

1062 

5.6419 

07 

5.6383 

o.e 

56528 

- 0.1 

1085 

4 5115 

12 

4.503 

12 

4.4865 

02 

83.7 

52057 

1.0 

52001 

02 

42858 

05 

109.1 

1/4590 

1.7 

1.4547 

12 

1/4381 

1.6 

1102 

241.135 

-7.9 

244.385 

- 8.1 

25906 

- 8.1 

65.6 

15798 

-02 

158 

- 0.1 

1574 

0.3 

- 

155355 

-42 

15652 

-4.7 

16162 

-45 

73.1 

29248 

2.1 

29.06 

12 

29555 

1.5 

1062 

1.6317 

22 

1.6252 

22 

1503 

15 

108.1 

62728 

04 

62646 

0.7 

62476 

0.4 

982 

152.13 

-32 

152.9 

-32 

158505 

-3.1 

95.4 

123.47 

-32 

124205 

-3.7 

127.695 

-32 

B1.9 

6.7220 

-3.1 

6.7521 

-22 

62896 

-2.7 

wren 

1.1874 

35 

1 1805 

35 

1.1567 

2.9 

1135 

15339 

02 

15317 

09 

1.521 

0.9 

82.7 

12667 

-0.3 

12671 

-02 

12677 

- 0.1 

- 

15768 

- 0.1 

12769 

- 0.1 

12819 

-0.4 

825 

7.5498 

-0/4 

7.553 

-02 

7.5578 

- 0.1 

. 

■ 

- 

■ 

- 

• 

• 

952 

12131 

-12 

1.3168 

-1.7 

12353 

-12 

891 

7.7324 

- 0.1 

7.7342 

- 0.1 

7.7612 

-0.4 

- 

35215 

-5.1 

35.62 

-52 

37.09 

-55 

- 

103255 

52 

103.155 

4.7 

100085 

4.1 

138.9 

25471 

-0.4 

2.5532 

- 1.1 

25757 

-12 

- 

1296! 

-2.5 

15019 

-2.4 

1.5265 

-22 

- 

3.751 

- 0.1 

3.7517 

- 0.1 

3.755 

- 0.1 

. 

1.4085 

3.0 

1.4025 

2.7 

12771 

2.5 

- 

28428 

-92 

3.8942 

-62 

4.1175 

-80 

- 

785.35 

-45 

786.85 

-32 

80725 

-32 

- 

27.5165 

-02 

27.5566 

-0.9 

.• 


. 

252888 

-4.7 

25.4925 

-42 

28275 

-1.7 

■ 


MONEY RATES 

February 28 Over 

ingnt 

One 

Three 

imha 

S.+ 

imta 

One 

year 

Lenta 

■mar. 

DO. 

rate 

Repo 

nun 

Belgium 

31 

3^ 

3* 

3ft 

34 

7.00 

3.00 


weak ago 

3i 

ay 

34 

34 

3ft 

7.00 

300 


Fmnoe 

4Va 


■*4 

44 

4& 

320 

_ 

560 

week ago 

4’i 



4ft 

4C 

390 


560 

Gamwny 

3J 

34 

34 

34 

34 

500 

300 

320 

week ago 

34 

34 

34 

34 

32 

500 

300 

330 


51 

54 

sj, 

54 

5ft 



625 

week ego 

54 

54 

Si 

5ft 

54 

_ 

_ 

625 

Italy 

10 

9Pt 

9% 

9f, 

94 

_ 

900 

9.72 

week ago 

104 

9ft 

104 

10 

103 

_ 

900 

9.72 

Nethariand* 

34 

3ft 

3ft 

3ft 

3ft 

_ 

320 

330 

week ago 

34 

3’i 

34 

3ft 

34 

- 

3.00 

3.30 

Switzerland 

U 

14 

14 

ia 

1ft 

5.00 

1.50 


week ago 

IVr 

14 

IS 

i? 

IS 

500 

1.50 


US 

5* 

54 

5,', 

54 

54 

- 

5.00 

_ 

week ago 

5ft 

54 

5i 

54 

5!» 

_ 

5. GO 

. 

Japan 

la 




£ 

_ 

0.50 

- 

week ago 

y 

5 

4 

ft 


- 

0.50 

- 


■ SUBOR FT London 


Interbank (Taring 

54 

5& 

5ft 

5ft 

_ 

_ 

_ 

week ago 

51 

5* 

5ft 

5i 

- 

- 

to 

US DoUar CDs 

- 428 

491 

4.94 

5.02 

_ 

- 

_ 

week ago 

- 4.88 

4.98 

590 

5 01 

_ 

_ 

_ 

ECU Linked 0* 

42 

43 

4fl 

43 

_ 

_ 

_ 

week ago 

43 

4ft 

4« 

43 


_ 


SDR Linked De 

34 

34 

3ft 

3 1 

_ 


* 

week ago 

31 

3jq 

3i 

34 

- 

- 

- 


S LIBOR interbank Bung rases are ottered rates kr SlOm Quoted to the nnM by taw ««ni Darks 
m 11am eecn among eay The banks are. Barkers Turn. Bonk d Tokyo, Bodays and Nmtanai 
Weasnmstar. 

Md raw ve shown ter rite domaatic Money Roles, uss cna. ECU A son Unfed Depcua IDs). 

EURO CURRENCY INTEREST RATES 

Feb 28 Short 7 days One Three SU One 

term notice month months months year 


Brigan Franc 

3il 

■ 3U 

3U- 

3* 

3il- 

■ a 1 * 

33* 


33* ■ 

■3d 

33 2 

■3il 

Dansh Krone 

4i 

■ 3i3 

4fi- 

4u 

*&• 

• 41, 

4ft 

■43* 

4iS- 

-441 

Ah 

■ 4*S 

D-Mark 

3A- 

■3d 

v+- 

3S 

3ii 

■ 3U 

33* 

■ 33, 

3S» 

■3d 

3>2 

■3U 

Dutch GuUer 

3A 

3d 

3d - 

3A 

3A 

3d 

3d 

■3d 

3d 

3d 

33* 

■3d 

French Franc 

43s ■ 


4t* - 

44 

4A 

-4A 

4 A 

■4ft 

43= ■ 

■43* 

4*8 

■4>2 

Portuguese Esc. 

85s- 

■7S 

81* 

- S 

BA ■ 

■ Til 

BA 

■Tft 

6ft ■ 

7i3 

8 it 

7C 

Speneh Pewra 

Va ■ 


0A- 

Bi3 

Bfl 

■S3, 

Bil 

■811 

8^2 ■ 


Bi* 

■83* 

Starting 

■ 


6,’.- 

6d 

■ 

■ Ed 

Slg 

■ 6ft 

6d- 

■6 

eft 

6d 

Swiss Franc 

2H- 

■ 1^ 

1»+ - 

ih 

1ft 

■V. 

m 

■ iA 

1* ■ 

■ 1% 

ia 

■ 1)2 

Con. Doffar 

5 1 * ■ 

Bit 

5,1- 

5^4 

A ■ 

■51* 

5>, 

■53* 

5A 

■ 5d 

Sit 

5A 

US Dollar 

si 2 . 

■5 h 

5»+ - 

51* 

5A ■ 

5ft 

5,1 

1 5ft 

5ft 

■ 5ft 

53, 

■ 5ft 

Itahan Lira 

10»2 


10a‘t- 

■ 9!i 

10 - 


10 - 

■3SS 


& 


■9 s * 

Yen 

it ' 

■it 

,1- 

A 

1 - 

i 

h 

»2 

B 


1 ■ 

% 

Awn JSvtg 


A 

Ih- 

1>4 

1}? ■ 

■iii 

24 

-2 

23* ■ 

■2‘e 

2h 

23* 


Sion term rears are caff ter (he 
■ TWtn MONTH PIBOR 


US Date and Van. others: 
FUTURES (MAT1F) Paris 


two <txya' nonce 

Interbank ottered rate IFFrfm) 



Open 

Sen price 

Change 

High 

Low 

Eat VGt 

Open ml 

Mar 

9552 

95.58 

+0.09 

95.59 

9522 

19.691 

49275 

Jun 

95.53 

95 J 9 

+0.09 

95 60 

9522 

12226 

56,401 

Sep 

95/48 

95.55 

+0.09 

95.56 

95.48 

4.677 

46.804 

■ THREE MOffTTH EUROMAIUC HITUIUES (UFFE)* DM1 m points erf 100V 



0p«1 

Sait price 

Change 

tfgh 

Low 

Esl vd 

Open tat. 

Mar 

9564 

9627 

+023 

96.69 

9564 

19622 

153321 

Jrt 

96.70 

96.73 

+0.04 

9575 

96.70 

33630 

181175 

Sap 

9553 

9628 

+026 

9561 

B553 

36541 

192618 

Dec 

9623 

9629 

+0.08 

9633 

9622 

24377 

181426 


(UFFEJ 1 LI 000m points of 100% 



Open 

Sett price 

Change 

High 

Low 

EsL vol 

Open ht 

Mar 

9090 

9530 

+0.10 

9535 

9525 

10994 

38500 

Jun 

90.78 

9584 

+514 

B501 

9578 

9922 

34157 

Sap 

91.10 

91.18 

+514 

91.15 

91.10 

2407 

18858 

Dec 

81.18 

9123 

+513 

9123 

01.15 

1555 

12962 


■ THREE KOffTH EURO SWISS FRANC FUTURES (UFFEJ SFrlm points of 1009* 



Open 

Sett price 

Change 

High 

Low 

Est vol 

Open hL 

Mar 

9623 

98.30 

+021 

9623 

9820 

2308 

20230 

jLta 

9623 

9822 

• 

9625 

9821 

4181 

19933 

Sap 

96.05 

9505 

+0.03 

9509 

9503 

1787 

12296 

Dec 

97.75 

07.75 

+0.03 

97.00 

97.72 

1786 

8238 


■ THREE MONTH ECU FUTURES (UFFEJ Eculm points O f 100% 



Open 

Sett price 

Change 

High 

Low 

Est voi 

Open ML 

Mar 

9521 

9523 

+505 

95 33 

9529 

1128 

7656 

Jim 

95/41 

95.40 

+505 

95/41 

9527 

556 

5134 

Sep 

9527 

9522 

+507 

9522 

9527 

213 

3097 

Dec 

95.09 

95.10 

+025 

95.11 

9526 

130 

3055 


■ UFFE towea also haded on APT 

■ EUROURA OPTIONS (UFFE) LlOOOm points of 100 % 


EXCHANGE CROSS RATES 















Fab M 

BFr 

DKr 

FFr 

DM 

E 

L. 

H 

NKr 

E* 

Pie 

SKr 

SFr 

£ 

CS 

S 

Y 

Ecu 

Belgium 

(Bft) 

100 

1622 

1570 

4271 

2.111 

5157 

5.446 

2125 

5052 

4102 

2235 

3.970 

2.172 

4268 

3333 

347.9 

2.632 

Denmark 

(DKr) 

53.14 

10 

5874 

2.588 

1.122 

2741 

2.995 

1129 

2682 

218.0 

1127 

2.109 

1.154 

2.430 

1.771 

1B42 

1399 

France 

|FFr) 

5928 

1127 

ID 

2217 

1264 

3088 

3263 

12.73 

302.9 

2452 

1338 

2377 

1300 

2.748 

1296 

2063 

1276 

Germany 

(DM) 

2053 

3264 

3.428 

1 

0433 

1059 

1.119 

4.363 

103.8 

6422 

4388 

5815 

5446 

0242 

5684 

71.42 

0240 

Ireland 

m 

4728 

8216 

7.912 

2208 

1 

2443 

2281 

1027 

238.5 

1943 

1020 

1281 

1229 

2.174 

1279 

1642 

1247 

Italy 

« 

1.938 

0.365 

0224 

0294 

5041 

105 

0.106 

5412 

9806 

7.954 

5433 

0277 

0.042 

0.089 

0265 

6.745 

5051 

Motherland* 

F5 

1825 

3/454 

3265 

5894 

5387 

9456 

1 

3200 

92.83 

7529 

4.101 

0.729 

0399 

0242 

0.612 

6325 

0483 

Norway 

(NKr) 

47.06 

5856 

7258 

2292 

0.993 

2427 

2264 

10 

2382 

1032 

10.52 

1268 

1222 

2.159 

1269 

163.7 

1339 

Portugal 

(EH 

18.77 

3.721 

3202 

0263 

5417 

1020 

1.077 

4202 

100. 

81.11 

4418 

5785 

0429 

5007 

5856 

68.78 

0520 

Spain 

(Pte) 

2428 

4588 

4.071 

1.187 

0.515 

1267 

1228 

5181 

1233 

100. 

5.447 

5968 

0229 

1.110 

□213 

84.81 

5642 

Sweden 

(SKr) 

44.75 

5422 

7/473 

2.180 

0245 

2308 

2.438 

9610 

2253 

1832 

10 

1.778 

5972 

2253 

1402 

155.7 

1.178 

Switzerland 

(SFi) 

25.19 

4,741 

4207 

1227 

0232 

1269 

1273 

5353 

1274 

1033 

5529 

1 

0247 

1.156 

0240 

8724 

5663 

UK 

» 

46.05 

5666 

7.690 

2243 

0.972 

2375 

2209 

9786 

232.9 

1859 

1529 

1.828 

1 

2.113 

1235 

1652 

1212 

Canada 

(CS) 

21.79 

4.101 

3.639 

1.062 

0/480 

1134 

1.187 

4.831 

1102 

8940 

4.870 

0.885 

0473 

1 

5728 

7522 

5574 

US 

R 

3020 

5.846 

5210 

1/461 

0233 

1547 

1235 

5375 

151.7 

123.1 

5704 

1.191 

5681 

1377 

1 

1044 

0.790 

Japan 

(V) 

28.75 

5.409 

4.800 

1/400 

a«J7 

1483 

1288 

6.106 

1454 

117.0 

5423 

1.141 

0.624 

1319 

0258 

100. 

5757 

Ecu 


3820 

7.150 

6245 

1251 

5802 

1960 

2270 

8274 

1922 

1552 

8490 

1208 

5825 

1.743 

1367 

1323 

1 

Daraxh Kroner, French Franc, Norareotan Kroner, and Sweden Kronor par 1ft Belgian Franc. Van. Ereudo, Una and Paata par Ida 








■ D-MARK HTTORES (MM) DM 12S200 per DM 





■ JAPANESE YEN FUTURES (IMM) Yen 

122 par Yen 100 





Open 

Latest 

Change 


Low EsL vol 

Open InL 



Open 

Latest 

Change 

nigh 

Low Est vol 

Open bit 

Msr 

02894 

02859 

-0.0035 

0.6869 0.6855 

17.414 

65289 

Mar 


0.9618 

59560 

-02020 

02620 02590 24218 

66230 

Jim 

0.6612 

56888 

-02040 

56801 56886 

279 

8.434 

Jun 


02700 

59698 

-02022 

0.9724 0.9698 

1.035 

6212 

Sep 


0.6931 

-0.0027 

56931 56931 

23 

1.465 

Sap 


. - 

0.8828 

- 

- 

- 


106 

869 


■ SWISS FRANC FUTURES flMMJ SFr 12S.00Q per SFr 


(IMMJ £82500 per C 


Mar 

02480 

58415 

-50063 

02480 

58415 

9,420 

34318 

Mar 

12400 

12358 

-0.0040 

12400 

1.5344 

Jun 

58S2S 

0.8488 

-03064 

58525 

02488 

261 

2,778 

Jun 

1.5350 

■V-'-H 

-0.0040 

12350 

12320 

Sep 

02600 

02600 

-03021 

02600 

0.8600 

3 

238 

Sap 

- 

12380 

- 

- 

12290 


8534 40,124 

101 10546 

3 9 


UK INTEREST RATES 


LONDON MONEY RATES 

Fab 2B Over- 7 days 

night notice 


One 

month 


Three Sbt 
months months 


One 

year 


Interbank Staring 8% - 5* 64-6,* 6\* - 61* «d - 6ft 6^-6 

Staring CDs - - - 6£ &d - 6ft Bit - 6 6t* ■ 

Treasury BAs - - S 1 * - 6ft 8 - 5{J - 

Bank Bib - - - 6»s - Bft Si - 5j* - 5% - 

Local autinrtty daps. 6ft - 6ft" " 6ft - 6ft 6^ - 6ft B 1 * - 6ft 6ft - SL 6u - S B 

Discount Market daps 6^-5^4 eft-eft 

LBC dead rg brek base IwxSng rata 6’+ per cam from January 18. 1998 

Up to 1 1-3 3-6 6-9 9-12 

•• •• month month months months months 

Certs of Tat dap. (£100300) ft 5hl 5 5 

CaneatTutep. ureter C100u000te2 | ip&. throeaSewtaWStawifar wre Il> p& 

Ava, lender rare of dtecount SftSflOpc. ECOD tired Ireta SOg . Em* n rrece._»Me ipckyFeb Za. 

1908. Agreed re» lor period tte 26. 19BB tn Are 23. 1«6. ScfemfeH * * 7^fac. Rtaarewateteter 

parted MM, 1996 to Fab 29. 1896. Scnemna WAV &238pc. France House Soae fkte98pc hem 
Ftevary 1. 1996 

N THREE -MONTH STERUNO FUTUHCS ftJFFE) £600,000 points d> 100% 

EH. vol Open In*. 

7079 63037 

15257 77160 

8296 54887 

5472 43101 

1717 31038 

Also haded on APT. AS Open inures! ffgo. tie tor prawra day. 

■ SHORT STERUNO OPTIONS (UFFE) ESOQ.OOO points ot 100% 



Open 

Sett price 

Change 

High 

Low 

Mar 

9332 

93.91 

- 

9333 

9330 

Jun 

9337 

9339 

+503 

94.03 

93.97 

Sap 

• 93.87 

63.89 

+504 

9331 

93.85 

Dec’ 

83.63 

8323 

+504 

93.66 

9360 

Mar 

9330 

9330 

+503 

9333 

9336 


Strike 

Price 

Mar 

- CALLS - 
Jun 

Sap 

Mar 

— PUTS 
Jlta 

0373 

0.19 

034 

043 

0.03 

0.10 

9400 

024 

0.18 

529 

513 

0.19 

9425 

0 

508 

516 

534 

034 


Sep 

029 

040 

054 


Eat wot. tow, Ctate 12011 FUa 1817. Prwrious day's open tec. Cola 157440 ft** 16996* 


EMS EUROPEAN CURRENCY UNIT RATES 

Fab 28 Ecu can. Rata Change H +/- from % spread DW. 

agalnstEcu on day 


rates 


can. iota 


fnd. 


Spain 

Nathe rie n d a 

B e l gi um 

Austria 

Germany 

Danmark 

Portugal 

France 

Ireland 


182.403 

2,15214 

39.3960 

13.4383 

131007 

728580 

195.792 

6/40608 

0.792214 


159.100 
2.11878 
38 8809 
132957 
139050 
720572 
106229 
8/46503 


+0.138 

+030294 

+03337 

♦0310 

•*0 30286 

+030789 

+0.06 

-030178 


0519145 -0.000377 


NON ERM MEMBERS 
Greece 292367 

Italy 2106-15 

UK D.78B6S2 


310.174 

200638 

0343206 


-0321 

-14.78 

+0.023SB4 


-234 

-1.64 

-126 

-136 

- 1.02 

027 

027 

123 

3/40 


531 

-4.72 

7.19 


555 

5.13 
4.82 
451 
4/47 
3.12 
3.12 

2.14 

aoo 


-227 

953 

-354 


14 

12 

10 

6 

10 

-2 

-2 

-10 

-23 


Ecu cared ra tea ear by the E uro pean Cuun faaten. dirardaa are te da 


mdtagi 


■ strength. 


Percartag* charges are tar Eat * poafere change denotes ■ weak eurency. DlMgencu taw* tea 
redo b oew aen two treads: the p ercentage atfarerac* heteatai me acni marital and Beu retted teat 
ter a curancy, and die madm a n p enrSied panrereaga dta te ten at the cmaneyte markta rate from to 
Ecu carets iws. 

(17/WttZ) Staring and B a ton Lto csardid from BS*. AdMueare cateutated ey die RnancW Ttenea. 
N PHHJLDBMA SEC/9 OPTIONS £31250 (cents par pound} 


Strive 
Price 
1500 
1510 
1520 
1530 
1540 
1550 

Prewwa dayfa W 4 . Ctate 6286 Plto 7 « 5 . Prev. dayte op*n tet, Cato 189 A 87 ft** 1935 B 8 


■ THHBE MONTH EURODOLLAR (MM) Sim potato of 10016 


Mar 

- CALLS 
Apr 

May 

Mer 

— PUTS — 
Apr 

May 

327 

426 

4.39 

507 

033 

567 

2.92 

324 

- 3.68 

0.13 

544 

024 

229 

2.51 

2.90 

028 

0.71 

127 

1.35 

1.91 

244 

043 

1.06 

128 

57B 

137 

123 

586 

123 

2.17 

0.37 

595 

149 

138 

2.11 

228 



Open 

1 nlw 

Change 

High 

Low 

EaL vol 

Open tat. 

Mto 

94.72 

94.73 

- 

94.7B 

94.72 

55962 

333826 

Jun 

9425 

B4.88 

- 

64.95 

9424 

127,736 

403203 

Sap 

9533 

04.90 

-501 

95,04 

9427 

123206 

330204 


BASE LENDING RATES 


Adam&Cattfary B2S 

ASsdTiuH Baric 625 

A® Bar* B2S 

•HflreyAsbnctw 025 

Bank NBaodfe 629 

teco BRoo Vizcaya- 825 

BaricoK^piut B2S 

Sat* of Mmd_ 625 

Baric at kua 625 

Barii ei Scodand .....— 825 

Bark -S 2 S 

Bit BkcfMd East .... &2S 
•Bram a*hv« Co UJ 525 

a*»*NA _625 

CWaatafeBto* _S2S 

Baric. 625 

CpEBACtt. -625 

CredtLyorrah -.625 

Cypns Popubr Ba* _625 


% 

Duncan Lrevda — 625 

Exeter Bank United — 725 
Ftererdal* Gan Bank -.730 
•Robert Renting & Co — 62S 

Girobank 625 

SGufrnass Mahon 625 

Habb Baric AG Ziafch .629 

•H am bm e Baric -.625 

Ha n la Me A Gen lint BK. 625 

•HS Samuel -625 

C. Hoare&Ce —.625 

Hongkong & Shanghai. 625 
Man Hedge Bark 625 
•Leopold Joseph & Sons 825 

Ltoyds Baric &2S 

Meghal Baric Lsi ....... 625 

Mlond Static —.625 

■ Mart Grw* Cop 62S 

Nri Waflntins M r 825 

•Rea Bethea 625 


% 

Royal Be of Scotland-. 625 
■Stager A Fttadfandar 825 
•Smbh & WWnan Sous . 825 

TSB 6« 

Untied Bank ctiKUML. 825 
UnllyTn*tBankPte._ S2S 

Western Tiwi — 6M 

WTSsauay LaWw 625 
Yodohire Baric 62S 

•Mantera of London 
liwtmertBanHng 
Association 

- fciadmtatatrrefcm 


■ US TREASURY BRX FUfURES (IMM} Sim par 1009i 


860 8395 

1.12S 6.301 

86 1391 


Mar 9521 9522 - 9523 9521 

Jun 9530 9530 - 9532 9530 

Sep 9533 9534 +032 9534 9531 

AX Open kroner Ope. are tor cravteua day 


■ SUWO—ARK OPnONS (UFFE) OMIm pohta of 100H 


Strfke 

Price 

9650 

9075 

91790 


Mar 

Apr 

CALLS — 

May 

Jlta 

Mar 

Apr 

PUTS 

May 

Jun 

519 

526 

528 

0.30 

502 

503 

0.05 

027 

023 

509 

512 

513 

0.11 

511 

514 

0.16 

021 

022 

023 

505 

034 

029 

030 

032 





■ BMP SWISS FRANC OgnONS (LLFFE) SFr 1m potato of 100H 


Strive 

Price 


98 S 0 

9675 


0.10 

0,02 

aoi 


CALLS 

Jim 

0.16 

037 

t) IV) 


Sep 

0.18 

039 

034 


Mar 

035 

022 

0.48 


PUTS - 

Jun Sep 

0.16 036 

035 033 

035 0.74 


Es. Id. uad, C* 0 Pula 0 . P reooua ea/i span mu Cali 9845 ftaa 48a 


Bank of Tokyo (Curasao) Holding N.V. 

U.S. $100,000,000 

GUARANTEED FLOATING RATE NOTES DUE 1 997 


® 

pal of, and 

The Bank of Tokyo, Ltd. 


Payment of the principal of, and interest or, ibe Notes 
is unco n d i tio n oliy raid inayocebly gu oto r ri aad by 


(Kobudub Koisha Tokyo Ginfco] 

In accordance with the provisions of the Agent Bank Agreement b et we en 
Bank of Tokyo (Curocoo) Holding N.V., The Bank of Tokyo Ltd., and 
Citibank. NA., doted November 27,1 985, notice b hereby given that the 
Role of Interest has been fixed ct 5.51 25% p.o. and that the interest 
payable on ihe r elev an t Interest Payment Date, May 31, 1995, against 
Coupon No. 42 will be USS140.8B. 




39. J996. London 

NA (taw Sarvicesl, Agent Bank. 


CITIBANK} 


YOKOHAMA ASIA LIMITED 
(Incorporated in Hong Kong ) 

IASj$ 10 (MM> 0 ( 000 

GUARANTEED FLOATING RATE NOTES DUE 1997 


& 


UncondWoff ieE y end irrevocably guaranteed by 
THE RANK OF YOKOHAMA* LTD. 

(Incorporated in Japan ) 

Notice is hereby given that the Rate of Interest has been fixed at 
5.53125% per annum and that the interest payable on the 
relevant In t erest Payment Date May 31, 1996 against Coupon 
No. 43 in respect of US$10,000 nominal of the Notes will be 
US$14135 and in respect of US$250,000 nominal of the notes 
will be USS3.533R5. 

February $9, ?£&& London 
By: Citibank, NA (Issuer Services), Agent Bank 


CITIBANK} 


Strike 

Price 

9025 

9050 

9075 


CALLS 

Mar Jiai Sep 

0.16 0.79 124 

0.07 0.61 136 

032 0.44 0.88 


PUTS — 

Mar Jun 

0.11 020 

027 027 

0.47 035 


Sap 

031 

038 

048 


4p Den norske Bank 

Primary Capital Perpetual 
Floating Rate Notes 

In accordance with the provisions of the Notes, notice Is hereby given 
dm for the tnc er e s t Period from February 29,1996 to Ftay 31. 1996 the 
Nates will carry an Interest Rate of 5.5625% pjL and the Coupon 
Amount per U53I0300 will be US$142.15. 


February 29, 1996. London 

By Ctebank. NA. (bluer Services). Agent Bank 


CITIBANK} 


Igi Den norske Bank 

U.S.$200 / 000,000 

Primary Capital Perpetual Floating Rate Notes 

(SECOND SBUE5J 

in accordance wah The provisions at the Nan notioo is hereby given Via for the 
Interest Period from February 29, 1996 to August 30, T996 the Notes will cany 
an Interest Rate of pa and lha Coupon Amount per U$$10i000 will 

be U$ $27430 and per U$$10O300 will be U $$2.74530. 


February 29, 1996, London _____ _ 

By: Citibank. NA (Issuer Services), Agent Bank Q / IBAN\ C9 


Enxyxxywo 

HMC MORTGAGE NDTESH PIG 

Floating Rate Notes due 2021 
Notice Is hereby given mat there 
wtit be a principal payment of 
£3320 per E783W Note on lha 
Interest payment date March 14, 
1996. The princmal amoum out- 
stanring par Note vriU be £74,990. 

By: Tba CfcStt Haskattsa Bask. N A 

L mte o n . AHriBwk 

February 29, 1996 


APPOI N T IY1 ENTS 

ADVERTISING 


apttetoS In the l» arittoo awry Waiteautey 

6 Thurwtey anti ta tba 

every Friday. 


AntoevrUrenynilJ an *44(0718734054 
Tote ftrirertbrito m +44 0171*13 3486 


FOREIGN 

EXCHANGE TRADING 


From Monday yon may have to 
use a different market maker 

IG FILLS THE GAP 

’ On 1st Febr uar y, it ms tumoroced that attain Foreign Exchange 
fnmsadmns, which ware formerly ansafered not to ba lonstmnts muter 
Ibe Ffanodol Servkas Ad, were la fnd fayedmeffts. 

So coni poo offering these tnmsndins must ba authorised aid, 
from Ifaradiqr, all aMapaaies bore Is aosa offering those Foreiga Eidnmge 
Irassadiotu unless they have applied for the appropriate oalharisatioa. 
So yoo aw Id have Is find a aew norlta! naker. 

If you dtoasa to deal w&b iG Index, yaa will be glad yoe did. 

Oar highly professional Foreiga Exdiaage Etealing operation g regalaled by 
the appropriate Boffcoriry. And for 20 years tvo boro bees the leading 
. Him of Raotidd Bookaokats, ontborisad Bnder tba Fraandal Serruss Ad 
sitUB sbortfy after R anne iato effed. 

Our servita is effidaet and friendly. We will qoote you mitov spreads 
in all the major and most of the minor arrondes, espedaOy for amounts 
under US$1 reillioa. 


CrE 


Dry us. 

Bum I— Ja nlft it er Midi — I lny 


0171 896 0011 

or fax vs eat 0171 896 0010 



16 hdax i*; 1 Wcrakk be, Landna SWJE5HI 


hap BtoMtoi rerr ■ UR M d ri* w rm WfMd. Half grerito rik 
m dtetib ba.ltaki|ta hrisi tatiaiga aoteBaqr to te nteUr tor • 
> arei tor ya k% tatonri tit tite torinti ad reft rito I wnar 



ECU 200,000,000 

C-aisse Frangaise de 
D6ve loppe ment 

Calau Ccsinle da Cocfwratioa Eooaoniqae 

Floating Rate Notes due 2006 

Far the period from February 29. 1996 to 
Hay M, 19S6 the Now* wiD canj 1 
an Interest rote of 4H% per anmmi 
with an interost a m ou nt of ECU SSL19 
per ECU XtfXW and of ECU U3L94 per 
ECU 1D0.000 Note. 

The relevant interest piymrat date wiD 
be Hay St, 1996. 

Agent Beak: 

n 

Banque Ruubas 

lirwlKAOlMLi 


BANQUE NATIONALS 
DE PARIS 

ECUOD,060,0B0 
Floating Rale Moles duo 199B 

Notice is hereby given that lha rate of 
interest ter the period from February 
29th. 1936 to May 31st, 1996 has been 
fixed at 4.75 per cent pa annum. The 
coupon amount due for this period Is 
ECU 12139 per ECU 10.000 denom- 
ination and la payable on the Interest 
payment date May 31st, 1996. 

___ . ThfRteaJ Agere 

Hi 111 Banque Matloaalu de Paris 
(Luxemboiag) S A 


The Kingdom of 
Denmark 

USt 1 ,000,000,000 
Floating rate notes 
due 1996 

In accordance mtth the 
provisions of the notes, notice 
is hereby gioen that Far the 
Interest period from 29 
February 1996 to 30 August 
1996 the rate of interest on 
the notes udB be 5% per 
annum. The interest payable 
on the relevant interest 
payment date 30 August 
1996 mill be USS254.17 per 
US$10,000 note and 
USS6JS4.17perUSS25<KM 
note. 


t Morgan Guaranty 
Company 


JP Morgan 



















































































































- F I 




" ni ^STs. 


financial tuvies Thursday February 29 isse 



ibBSSStaSSeKfiiS^. , eeiseis , fSCSBC&Si 
















































































































immimmmmiiii 
















































financial times 


THURSDAY FEBRUARY 29 1996. 



LONDON STOCK EXCHANGE 




MARKET REPORT 


Gains in second liners lift Mid 250 to new record 


By Steve Thompson, 

UK Stock Market Editor 

A determined rally on Wall Street, 
combined with excellent UK corpo- 
rate news and fresh hopes of devel- 
oping takeover activity, saw Lon- 
don stocks make good progress. 

The PT-SE 100 index built on 
early strength, gradually gathering 
momentum, and eventually closing 
an active session at the day’s high, 
3,738.2. for a gain of 22.3. 

Over the past two sessions, the 
index has advanced 34 points, leav- 
ing it only 43.1 below its record clos- 
ing high and 53.4 short of its intra- 
day peak. 

There was much more enthusi- 


asm around the trading d«ks far 
the second-liners, which were given 
a big lift by the prospect of further 
bid activity in the pipeline. The 
FT-SE Mid JKQ index ended comfort- 
ably above the 4#M level, adding 
16.8 at 4315.5. 

Casino/hotels stocks, such as 
Stakis and London Clubs, were 
among the main upside performers 
in the second line stocks, following 
the consultative document on the 
UK gambling industry which indi- 
cated a much more libera] attitude 
to the sector. 

Earlier, the equity market had 
looked uncertain in the wake of 
Tuesday’s slide on Wall Street, 
where the Dow Jones Industrial 


Average fell in excess of 50 points 
before stabilising and closing a net 
16 points down after slightly con- 
flicting evidence on US economic 
trends. 

The downbeat showing by Wail 
Street and renewed uncertainty in 
the US bond market ensured a cau- 
tious opening by the London mar- 
ket. which was also wary of the 
outcome of the auction of £3bn 
worth of gilts. 

A good run by gilt-edged stocks in 
the early part of the day gave some 
support to equities, as did the latest 
firm showing by bunds, helped by 
lingering hopes that today’s Bund- 
esbank council meeting mi ght: bring 
a cut in German interest rates. 


Gilts quickly ran out of steam 
after the result of the latest auction, 
which was covered only 1,48 times. 
Disappointment at the cover saw 
gilts give up initial gains of half a 
point, before embarking an a late 
upturn which saw the 10-year gilt 
some 10 ticks better at the close. 

Opening some three points 
higher, the Footsie gathered speed 
during the session and was looking 
well set by the eod of the day. 

"The market does feel as if it is 
going higher in the short term,” 
commented one senior dealer, who 
pointed to the recovery by Wall 
Street and the much better feeling 
in bond markets. 

Bank shares continued to figure 


prominently in the FT-SE 100 best 
performers list. Standard Chartered 
delivered a stunning showing, with 
the shares up some 6 per cent on 
the bade of record profits figures. 
The stock has long been viewed as 
one of the Footsie’s premier take- 
over targets. 

Lasmo, another takeover target 
and due to announce preliminary 
numbers this morning, also out- 
paced the index, as did British 
Steel, where speculation abont a 
share buyback increased. 

Market turnover continued to 
expand, reaching a healthy 785m 
shares at the 6pm reading. Cus- 
tomer business on Tuesday was 
worth £L9bn. 


1,323 — 

- A 


1340 


STY* 

^ 

r/ _ 




, , ^ •; ■ < 


1,760 V 

' ■ 


1,740- — ^ — 

Dk 

Jair , • 

Feb .. 

Source: FT Extei 

1»» 


hdr— and ratios 


FT-SE 100 

373E2 

+2Z3 

FT-SE. Mid 250 

4215-5 

+1&8 

FT-S&A350 

188&3 

+103 

FT-SM All-Share 

1844^4 

+9.82 

FT-S&A AB-Share yteld 

3.TB 

(3.78) 

Bast perfpnntaB saotsrs 




+2.4 

2 OS Exploration 


+1^ 




Turnover by wtern (ntfBon). 

(ntt m wtatb u sm w wtfcVwMai Wai aiiw ~ 



OB, htegrated 

Breweries, Pub & Rest 


, +1.1 
+ 1.1 


FT Ordinary index 275&2 • +JE&' 
FT-SE-A Non Rns p/B 17.35 ftt .353 

FT-6E10QFut-Mar ' 3742/) • r 

lOyrGfltyteW 7.88; vifcag 

Long gflt/equityyld naito: 230 

Worst p erforming Motor? 

1 fixracUw teds — — - 

2 Phamwxutfaafs -^-,■03- 

3 insurance 

4 Gas Distribution __ — 

5 Media—- ^.--02. : 


Buyback 
buzz at 
Steel 


British Steel shot forward 
following a company presenta- 
tion said to be guarded on trad- 
ing prospects but to have given 
added impetus to share buy- 
back speculation. 

The shares, which stood at 
152p at the beginning of the 
year, have been a strong mar- 
ket in recent days on talk 
that the management had a 
buyback at the very top of its 
agenda. 

However, there were conflict- 
ing reports yesterday from 
Rotherham, where the presen- 
tation was held. 

UBS and Cazenove, British 
Steel's joint brokers, were said 
to be adopting opposing 
stances on the prospect. 

Cazenove was believed to be 
anxious to scotch the rumour, 
whereas UBS was said to be 
actively talking it up. 

In the event, the stock appre- 
ciated 6 to 186p in turnover of 
24m, its heaviest volume for 
eight months. 

US link for BP 

Oil major BP rose TA to 529p 
as the market got wind of 
restructuring in the company’s 
downstream operations. 

A number of rumours were 
flying around, but they focused 
on a merger with Mobil, of the 
US, either in the whole of 
Europe or specific parts of it 
An announcement was thought 
to be imminent 

One analyst suggested that 


any joint operation could pro- 
duce significant cost savings, 
as well as synergy in refining 
and distribution. 

Additionally, the shares 
responded to a strong crude ofl 
price, which also helped Shell 
Transport, up 6% at 849%p. 

British Gas eased as Olgas, 
the industry regulator, said it 
planned to publish tougher 
price controls in draft propos- 
als due oat in April. The 
shares lost Y* to 237 , />p. 

Trafalgar dips 

Sell into strength advice 
from a number of brokers led 
to profit-taking at Trafalgar 
House, the loss-making diversi- 
fied industrial at the centre of 
the City’s latest bid buz. 

The shares have jumped 25 
per cent in two days on the 
news that talks were under 
way with Norwegian shipbuild- 
ing and energy engineer Kvaer- 
ner, but yesterday they stood 
back and took a breather, dip- 
ping VA to 45V.p in 18m traded. 

Kvaeraer itself helped to dif- 
fuse the situation, armnnnring- 

that the Trafalgar talks repre- 
sented one of several business 
possibilities being explored as 
part of the group's longer term 
strategy. 

One top broker said: “There 
is possibly 10 p of downside in 
Trafalgar, while the upside is 
an unknown quantity. The 
Kvaerner talks may turn into 
something less than an out- 
right offer.” 

Rumours suggesting the gov- 
ernment would soon announce 
proposals to extend drinking 
hours boosted public houses-re- 
lated stacks yesterday. 

The talk suggested that the 
Home Office is currently plan- 
ning a consultative paper, 


which will suggest an exten- 
sion of pub opening hours on 
Fridays and Saturdays from 
Upm to 12pm. Such a move is 
expected to be highly profit- 
able for pub owners. 

Shares in Whitbread 
advanced 11 to 721p on the 
speculation, while Scottish & 
Newcastle put on 8 at 670p. 
Vaux Group rose 3 to 282p, 
with the return of speculative 
interest also said to have been 
a factor in the day's advance. 

The same talk also helped 
Bass, although sentiment in 
the stock was enhanced by the 
excitement over government 
plans to ease the regulations 
surrounding the gambling 
industry. The shares surged 12 
to 754p in turnover of 15m. 

French press reports that 
Lucas Industries was teeing up 
a bid for a big stake in French 
motor parts group Valeo left 
the shares a penny off at 186p. 
An Italian-owned shareholdin g 
of up to 28 per cent was said to 


be up for sale, Lucas was men- 
tioned as a potential buyer, 
along with Siemens, of Ger- 
many, and General Motors, of 
the US. 

British Aerospace dipped 6 
to 869p ahead of today's results 
statement, while Weir Group 
advanced 15 to 245p as a big 
purchase passed through the 
market 

Vosper Thom y croft fell 43 to 
833p on news that it had failed 
to win a Royal Navy order for 
three frigates and was set to 
implement redundancies. 

Standard Chartered, last 
year’s star Footsie performer, 
surged to approach its previous 
record high, as its foil-year fig- 
ures delighted the market The 
shares jumped 37 to 636p - the 
day's biggest rise among the 
blue chips - after Standard 
produced profits figures at the 
top of the range of forecasts 
and a 38 per cent dividend 
increase. 

Consensus forecasts for the 


FINANCIAL TIMES EQUITY INDICES 

■ Fab 28 Fefc 27 Feb 26 Feb 23 Feb 22 Yr ago "High low 


Onfinary Shan* 

OnLdtv. yield 
P/E ratio net 
P/E ratio rti 


27562 

?. 88 

16.60 

tasa 


2745.7 

3SO 

16.48 

1&25 


2730.9 

3.91 

16.40 

iaia 


2760.6 

ana 

16.14 

15.93 


2781 5 
3.68 
16.13 
15-93 


22882 

4.66 

16.46 

ieno 


27882 

4.73 

2123 

2221 


2238.3 

3.76 

1535 

15.17 


fw 1805/08 ORinary Stare Index store wm — B on: high 27B82 1B/01/B6; tow 40.4 26/&4Q. Bob 
Date 1/7/35. 

Onfiny awe hourty changes 
Open B 40 1000 1190 124X3 


13J30 1800 164X3 1600 High Lw 


2749.8 2756.4 2751. 8 27602 2750.0 2753.1 2753.6 2754.2 27532 2757.3 2749.6 
Feb 28 Feb 27 Feb 26 Feb 23 Feb 22 Yr ago 


SEAQ bargains 
Equity turnover CEmJT 
Equity bargataf 
Shares traded CmlJt 

t€)icftKSng hra-moriuM butt* 


32.378 


31,461 

1886-8 

37,861 

6352 


34,511 

15742 

39245 

5472 


31281 

17022 

37.497 

5972 


31.140 

1996.0 

36.6881 

6252 


20.840 

14725 

27247 

5622 


U London maritet data 


Risas and faOs* 


1 52 Week highs and lows 

LUTE Equity options 


Total Rises 

632 

Total Highs 

113 

Total oontiBca 

34.123 

Total Fate 

437 

Total Lows 

23 

Cab 

19344 

Same 

1.667 



Puts 

1-1379 


Feb. 28*Data based on Eqidty shares feted on the London Share Service. 



The Republic of Panama 
U.S. $70,000,000 

Floating Rate Seiial Notes due 1990 

For the period 

29th February, 1996 to 29th August, 1996 

In accordance with the provisions of the Notes, 
notice is hereby given that the rate of interest has 
been fixed at 7 per cent, per «nmrm and that the 
interest accrued on the outstanding unpaid principal 
to 29th August, 1996 will be U.S. $106.17. 

The Industrial Bank of Japan, Limited 
Agent Bank 


St National Westminster Bank 

itoorpcrat8dnEngt&rtwifrSmiTedls3b#nv) 

1^500^100^)00 Primary CaptotH^s (Series 

[n accordance with the Terms and Conditions of the Notes, notice 
is hereby given that for the interest Period from February 29, 1996 
to May 31, 1996 the Notes will cany an Interest Rate of 5.375% 
peranrnsn. 

The interest payable on the relevant Interest Payment Dam May 31 . 
1996 against coupon No. 42 win be USS 137.36 per USS 10,000 
principal amount of Note and US$1,373.61 per USS 100,000 prin- 
cipal amount of Note. 

The Agent Bank 

Kretfietbank SA Luxombourgeoise 


1 FUTURES PAGER 

1 

• CURREHOB • FUTUffiS • INDICES 

• MARKET NEWS & UPDATES » HRS k DAY 

FREE TO DAY TRIAL 

Freephone 0500 000 456 

From outside UK 0171 895 9400 


«► Real-time quotes - Forex data 
- Over 90.000 issues * News (leadlines 
» U.S. fi int'l data As low as $9/day! 

• For more information on Signal, call 


Sifi 


J 

44 + 171 68DB101 


Petroleum Argus Daily Oil Price Reports 


.„ Petroleum Argus z.'ZZ 


U.S. $500,000,000 

Lloyds Bank Pic 


taftadfaUM 

Primary Capital Undated 

Floating Rate Notes (Sarin 2) 

Tor the three morths, February 
29. 1B96 to May 31, 1996 tee 
Notes vrfJ cany an Interest rats 
of 5.4376% oa. with a Canon 
Amount crfU-S. $138.96 peyaWe 
on May 31, 1996. 

to fetes Batata tak,U. 

I ndwlmak* 


U A $400^00,000 


Du Commerce Exterior 

Guaranteed Roaring Rate 

Notes due 1997 

For the Urea months February 2S 
1B96 to May 31, 1996, the fa* 
wffl bear interest at 553125% 
own. U.S. *14125 w® be 
on May 31. 1896. per UA $10,000 
principal amount o? Notes. 

By. Hi a— iitea Bin, sjl 

Oofct, tor 

February 29,1996 



current year were bong lifted 
to between £780m and £ 8 Q 0 m, 
from aronnd £73Qm previously, 
with Standard speaking enthu- 
siastically about prospects in 
Asia and Hong Kong, where 
same two-thirds of profits are 
generated. 

Merrill Lynch strengthened 
its buy recommendation, rais- 
ing its current year forecast 
by £7Sm to £811m and its 1997 
figure by £l08m to £935m. It 
argued that a doubling of the 
dividend over the next three 
or four years was not unfore- 
seeable. 

However, UBS main tained a 
more cautious view. The bro- 
ker said bad debts in Asia are 
trending higher and the stock 
is expensive. It has bottom of 
the range forecasts of £725m 
for this year and £780m for 
1997. 

Vodafone continued to 
soften. Credit Lyonnais T-afrng 
urged clients to switch out of 
Vodafone and sideline their 
cash in advance of next 
month's flotation of rival 
mobile phones group Orange. 
The shares declined a penny to 
22Gttp. 

Proposals to relax regula- 
tions on the UK gambling 
industry, published on Tues- 
day, sparked a wave of buying 
interest in gambling related 
stocks. 

Big advances were seen in 
London Clubs, where the 
shares jumped 25 to 515p on 
volume of LSm, and in Capital 
Corporation, up 5 at 224p. 
Stanley Leisure gained 38 at 
419p, while heavy dealing in 
Stakis brought turnover of 19m 
as the shares appreciated 9% to 
lOCH&p, the first time the stock 
has closed above the loop level 
since 1989. 

Both stocks were said to 
have benefited from a James 
Capel recommendation. The 
broker was reported to have 
increased its earnings esti- 
mates for several gambling 
related stocks in the wake of 
publication of the proposals. 

However, one cautious bro- 


ker warned: 1 t hmk the mar- 
ket has ran too for on expecta- 
tions of these Changes. ] expect 
little action on the proposed 
changes ahead of a general 
election at the earliest Yes, 
they will mark a big change 
to the UK gamhlmg business, 
but it will take quite a while 
before there is an impact cm 
earnings.’' 

Ladbroke Group improved 3 
to I84p on the prospects for its 
gaming businesses after the 
proposed changes take effect 
The session also saw the 
return of bid talk, with Bass 
once again mentioned as its 
possible suitor. 

Textile shares were flat, 
partly held down by a gener- 
ally gloomy note from Wise 
Speke, the north of England 
broker. Wise believes: “The 
underlying unease and tough 
trading conditions look set to 
continue.” Among the leaders, 
Courtaulds Textiles and Daw- 
son International were 
unchanged at 426p and 95p 
respectively. 


FUTURES AND OPTKHIS 

a FT-SgiroD«XRmWB8(UFFgE2SptrftaindaxpoW ' flPTfr 



Open 

Sect pries 

Ctiengs 

High 

LOW 

Eat voi 

Open irt 

Mar 

3727.0 

3742JJ 

+22 A 

$7400 

37220 

11164 

30572 

Jiai 

3731 A 

3744^ 

+22-0 

3743J) 

372&0 

1732 

17444. 

Sap 

3750.0 

37605 

+205 

37500 

3748JJ . 

IBS 

1-2173 

’ 

■ FT-SE *tt*250BJOEX FUTURES El 0 per Wlktdex petit 



Mr 

4210X1 

42100 

. +12A 

42100 

42100 

500 

3106 

Jun 

4225A 

4225.0 

+15.0 

4225-0 

42250 

490 

'200 .. 


■ FT-SE IMINOCX OPTION (UFPQr3736t £10 per fuT Index point 

3550 3800 3000 3700 - 3750 3800. 3800 3000 

C P C P C P C P C P C P C P C P 

19«; 3h 147*2 5h 1 82*2 11 82*2 21 30 39*z 11*2 72 *2 TIB T 168 

1902 1412 153 21*2 118 34 84fc 92 B6*z 7ft 3ft1ffi*2 29 138 11 179 

213 27^2 17532 39 139 5132 108 70*2 80*2 92*2 56 119 3ft 15ft 2ft 188*2 

231 4Zla 193 53 13ft 87 128 8ft 9ft 10712 Jft 133125632 1B4Ij' 39 18ft 
27812 109 21512 145. 16732 194 Wft25ft 


Mar 

Apr 

Mar 

JtOT 

Docf 
Ctet 5305 Ms MOT 

a EURO STYLE FT-SE 100 MPEX OPTION (Uffl9gl0p» ftj hdeot point 

3575 38X5 3675 3739 3775 3826 3875 3805 

■v 170*1 4 12312 7 81 14 45 2B 21 54 7 89b 2 134*2 1 183 

Apr 177 29*2 137*2 30*2 19ft 45 7ft 6 ft 4ft » 39 12ft1ft 158 10 IS 6 I 2 

U» 193 91*2 IK 43*2 121 >2 59 I 2 7ft 97*2 104 4712133*2 32 167*2 21 20512 

Jot 179*2 62 113 94 95*2144*2 36*221212 

Sepf 239*2 89*2 158 124 t»l7ft " 75 232*2 

Ctet 1,845 Mi *m • UDdaVte mb Whs- Mteni ten n tend 00 w B s mrt pdcsK 
|1ag tetad ntel neteto. 


MARKET REPORTERS: 

Peter John, Joel KBiezOr 
Jeffrey Brown. 


LONDON RECENT ISSUES: EQUITIES 

Issue Am MM. Own 

1995199 piles 

High Low Stock p 


price 

P 


Am 

paid 

up 


KM. 

cap 

©nj 


Net 

dv. 


Drv. OS 

cov. M 


SoMSmupt^ 
Abte^MBtoraTt 
Mienmr 
AOsd Oomae^t. 


_ 

FJ*. 

505 

5C5 

488 HZWEQlfionXO 

505 

+2 

- - 

re • 


_■ 

. 

FP. 

K 7H 


5*a tBa*yna»ay 

S 


- 

- 

re 

- 

75 

FP 

U.7 

Bh 

S^CUffeus 

s 


V- 

re ' 

_ 

11.1 

- 

FP. 

007 

5*7 

3*4 CtotfranWrts 

SV 


- 

- 

- 

- 

- 

FP. 

111 

90 

70 tOroafff 

70 


- 

- 

- 

- 

- 

FP. 

13l8 

15 

11 Ej-Larste Props 

12*7 


LsOfi 

- 

59 

— 

- 

FP. 

019 

13*7 

8*2 Ot-lAidWIs 

8*7 



- 

re 

- 

12 

FP. 

5&B 

16 

15 tTnap^ea 

15*7 

+*2 

' V- 

re 

_ 

re 

60 

FP. 

33 fl 

63 

82 McdtaK* 

82 

“1 

isOM 

- 

19 

- 

- 

FP. 

013 

8 

8 tMOrn FWntteta 

68 TOprfcal Cam P) 

8 



re 

_ 

re 

- 

FP. 

155 

71 

68 


•- 

- 

- 

- 

- 

FP. 

310 

13 

12 Ormonde 

12 


- 

- 

re 

- 

54 

FP. 

FP. 

U3 

292 

IIS 

60 

100 ffleretattonP'tar 

50 tSeffSeaSngSys 

its 

50 


; 

- 

- 

“ 

175 

FP. 

122.4 

223 

198 Shte Phams 

201 



- 

_ 

— 

- 

FP. 

097 

9 

6 tSkyePhsma Vfttt 

8 


- 

- 

- 

- 


use. 


. Foodlt 
Amoo. Bit. Porta 
BAAt 
BAT MS. t 


wet 


SL 

amt 

Bwko» 


Bk»C*CWt 
Boater 
Boost 


t ASwiwnw InuaOnM **mfr T~ n *rff rrpmnrr*-r nf ■» intw irpnMnli pfnfnn rafw tn TTw I roilnn 
6tera Sarara mien. 


FT GOLD MINES INDEX 


M 

27 


% chg 
so 1 fer 


Fat 

20 


tew Gross 1 


P/E 


52i 


«W jWd* rife HP lw 


GoU Hobs Ur (33) 233BM -08 TSfTM T727J5 143 


Brtt. Awoapocot 
BrttohAtenwt 
BNWvQnst 
MhhLwW 

aeshSuet 

Bin) 

Bumth CSOBuri 
Bkjnorrt 
CntX^ft Mat 


Aincana 313008 -U 3167.68 260528 177 36.13 355186 227274 

ABStteasa (3 2ESJ7 -03 2643.12 197U3 234 . 40.19 29Z734 1929,15 

Norfll America n? 206058 -02 207038 143471 085 6237 2(66.39 139636 

GopjuVa. Uts Ftaical Unwa Lfepkad 1906, -FT Gokl Mtea fadwTIs ■ mdwiwk of Hw itatotal 
Itaas LMtod. Rguw In bractem thorn lunter of cu i oj wS ss . Bate US Dotes. Bare Vakrec 100000 
sinsraz. r Pate. Latte pricre area lareteabto tor Hi atetoa 


Cwndon 
Cariton Conanaf 
CoteMwSB 
Comro. Untart 
Oonvaas 
Cootaortt 
ClHtBiUlt 

SIX, 

Dtanat 

East Hnhnd EhcL 


FT • SE Act: 

uarles Share Indices 

r.h 

e UK Se 


Feb 28 chgsK 


FM> 27 Feb 28 Feb 23 


ego 


□to. 

ytoUM 


Net 


WE Xd ad]. Total 
ratio ytri Hetum 


EumnMr um 

FW 

Fon*ei 1 CoL LT.t 
FcrM 
Owl 


ptw m*fam «r teriwtttewt 14 cm toga vs — rf »tow«stoB ? 
tewsai by over. 200 % Hx 'ttao yttara.^.- Fa tome, IMs k'tU' 
: M B HwaH >il*te»raa5 Hitefci i te iydsHteHK HB te o <Ulies^ ^ .’ 
onFipnOPfOi.-. • . < • 

' 9 PH that ASM WkauOaa on duvets, Ft raOFEI riso Wyoto 

«*ardi u Hriteerary b fta sft og fr o uj apple pfeetoaeogt leieub. Aflri'oCfan'^ 


yoo <mrs CoS text artUeetban ally other on&ie’ sendee. • 
fcaate* -totwC yea ooted .achlese with goOw ascHtete Wsfl. 
tote eeofWtest, FT Extei FT bfcCsrftiy met M Mk** reports ^-.«BiH5 
4^000 ettnr laapaxaMstesfetBsa sources:- % 

And remembet ft's Eranpe's teac9ngcsriMebBteaeSBbikm»t 
SeMtemwyoe’reototKkibefb^ FT IHtOf^tu^itcdvared. 


CmM tor m fuU information pack on +44(0)171.825 7907 


j Ptoase send me more intonnatioo about FT PROHLE. 

| Nsnw 

! Jobtffle 


• Cumpany 
i Address 


Postcode 


Telephone No 


Fax No 


Type of Business 


Does your company already use orline semcael 

YES □ NO □ 

Please complete and post w: FT PROFILE. 

FT Information. Fmroy House. 

13-17 Epwonh Su London EC2A 4DL 

Tel *4410)171 8ZS 7907 Fas -44(0)171 875 7999 



FINANCIAL TIMES 
Informmoa 


: . .FT TROHLE If -TtfHke bn B ncyyq ii frc m ha&kiess 


FT-SE 100 37382 

FT-SE MM 250 42153 

FT-SE Mkf 250 ex brv TTuats 4233.1 

FT-SE-A 390 18SSJ 

FT-SE-A 360 H)gher YMd 1872.7 

FT-SE-A 350 Lorear YMd 1863^ 

FT-SE SmdCop 2050^5 

FT-SE SmaflCap ax few Trneta 202934 

FT-SE-A ALL-SHARE 1844^4 


+05 37159 37042 37403 30412 

40 A 4196.7 4195.0 42080 3394.1 

40.4 421S9 42112 42232 34029 

408 18580 18539 18689 1517.0 

♦0-7 1800 J 1853.6 1871.8 154a 7 

-*04 18804 1857.4 1870.1 14918 

-•032044,61 204059204002 189344 
♦03 2023.80 202431 202527 167138 
♦05 183432 183028 1844.41 149927 


PT-SE Actuaries All-Share 

Day's Ya» 

Feb 28 chge% Fab 27 Fab 28 Fab 23 aoo 


333 

349 

3.81 

333 

4,72 

239 

308 

am 

378 

□to. 

liixiL-tW 

yiwcrw 


238 

123 

1.78 

139 

134 

228 

131 

130 

138 

Net 


1546 1012 160230 
2074 2437 167041 
1845 2627 187920 
1828 039 153539 
1439 827 127840 
19-14 1134 1283.70 
2242 538 188237 
20.01 439 18S351 
1670 940 154028 

P/B Xd ad). Total 
ratio ytd Rattan 


Acddentf 

nteeaf 


Oyuwad 


Grand MK.1 

oust 


SSI 

Oteneret 

H8BC(75pdtet 


U.S. $600,000,000 

Lloyds Bank Pic 

tfTCiroGftZVu ift Eriiwrio 

Primary CapRal Undated 
Rotekig Rata Notes (Sertas 3) 

For ths six tnontoa, Fetxuwy 
29, 1996 to August 30, 1996 the 
Notes carry an oitereot rate 
of &35% pa *«ah e Couxn 
Amount of US. SZ7i.se payable 
on August 30, 1995- 

By; Tie tee Batata Bate, BJL 

Lata, AgsriBaS 


The Top 
Opportunities 
Section 
For senior 
management 
positions. 

For information call: 

Will Thomas 
+440171 8733779 


10 MINERAL EXTRACnONtM) 

3248.67 

+09 321851 3213.19 324052 2599.50 

399 

151 

20.75 

2258 

137857 

12 Extractive induBtries<6) 

418198 

-04 419952 4142.00 418241 345458 

3.79 

259 

1277 

8548 

122258 

15 OO mtegratecjp) 

327797 

+1 .1 3241 59 3245.80 3272.48 2582.88 

451 

155 

2192 

1854 

1421.01 

16 00 Exptoraflon A Prodfia 

225798 

*15 2218.13 220152 221955 1904.73 

2.17 

146 

3951 

090 

184056 

20 GEN NMI8IRIALS(27q 

2058.11 

+04 2048.95 2044.72 204951 179142 

492 

197 

1692 

250 

110851 

21 BtAdng & Conslrucdon(34) 

108195 

+09 107152 107157 107353 91556 

3.74 

2.02 

1852 

1.16 

89198 

22 Butofino Matte 8. M«chsG9) 

190394 

+05 188792 188358 188757 1867.08 

394 

293 

1594 

OBI 

944.89 

23 Cfiamicetag3) 

2S20.04 

+09 249853 248852 249S.34 213759 

396 

202 

1659 

154 

1174.16 

24 Diwsraffled tndu^riata(21) 

1788.85 

+05 178353 175053 1784.18 177B51 

558 

148 

1513 

852 

968L94 

25 Beetronic & Beet EqJp(38J 

2363X71 

236356 237853 237452 1888.61 

3.05 

194 

2227 

294 

121359 

26 Engneertng{71) 

231851 

+04 231059 2307.62 2300.02 173251 

351 

254 

1756 

355 

138993 

27 Engineering. Vehtatos(13) 

281394 

-ai 261759 282348 282499 208053 

392 

158 

2653 

053 

133298 

28 Paper. Ftefcg & PrMngPBi 

271453 

+0.8 2698.67 288853 271 1 59 278052 

399 

293 

13.41 

051 


29 Textiles & AppareJCIS) 

1503.77 

+0.6 1494.11 149597 149653 143051 

4.63 

1.75 

1548 

251 

90342 

- 30 COMSUMB1 GOOOSfftt) 

360654 

+04 359197 3589.88 382753 285155 

aitg 

1.74 

18.74 

1197 


32 AlcohoBc Beverages^ 

281954 

♦09 2794.00 278758 279593 2S6093 

451 

197 

1757 2848 

1007.73 

33 FocXl PrwkjcereC23) 

252958. 

+04 252097 2519.90 2533.18 234858 

451 

1.70 

1792 

494 


34 Houaehoid Good3<15) 

258254 

+05 265845 255352 2555.52 2510.72 

3.73 

2.15 

15.62 

196 

96296 

36 Health Care{20) 

1938.81 

♦05 1932.82 1929.73 1845.19 1615.11 

294 

1.78 

2890 

Z96 


37 PharmaceuttaaleflS) 

509748 

-05 511255 510999 5178.39 355755 

355 

199 

2277 

1295 


38 TobeccoO) 

4870.78 

+24 475640 4815.70 4870.76 35B9.9f( 

492 

194 

1210 

090 

117858 

40 SBRV)CE3S(2S39 

232551 

+05 232052 231290 2321.80 184393 

2-99 

210 

1999 

1894 


41 DteblMtorataZ) 

261957 

+09 260440 260298 25S359 227194 

399 

192 

1958 

090 

95244 

42 Utsura & Hoteis{23) 

2907,18 

+09 289197 288597 2887.15 2090.18 

2.86 

209 

2099 10450 


43 Me<Sa(46} 

384097 

-05 384695 382524 3831,88 272898 

250 

213 

2698 

1193 


44 RataBera, FoodflS 

1877.50 

-0.1 1878 02 187897 I880.1B 1783.71 

399 

241 

123S 

295 


45 RetaBera, Qenerai{43) 

190954 

+05 190453 190456 191854 151457 

3.11 

253 

1202 

'257 


47 Brewarias, Puto & Rest p A) 

300352 

+M 297096 296592 2977.79 213590 

359 

298 

1855 1592 


48 Support Sot4g«(49 

210251 

+05 209858 209858 2095.17 144&88 

990 

252 

21.85 

288 


49 TraneportCI) 

2307.58 

+0.1 230456 2287.49 229999 21 5749 

3.79 

159 

2285 

394 

94954 

60 unurnes(33) 

245951 

+04 2449.78 244897 248847 2323.71 

5.04 

207 

11.98 

2742 


82 BecMattyflZ) 

278044 

+04 2770.16 2787.34 277858 241019 

5.00 

290 

993 105.57 


64 Gas Dto&toiffonCZ) 

1G6358 

-05 156021 157348 159692 191858 

757 

157 

1204 

aoo 


86 TetooomwrtuaUon3(7) 

9mvr\ 

+09 2011402012.72 202190 196194 

4.18 

1.77 

1893 



68 Wawfl2) 

Am /v 

+0.5 207153 207451 2087.77 175358 

596 

290 

851 

261 

112859 


HBSdcmn 

M 

K3t 

tochcaps 
Jolnon Matter 


tmd SacixW— f 
Loporti 

Legal > Qenerait 
Hwcto Agere 
ltset 


L ondon 
Unto 
Luoaa 
MB>C 
hEt 

Maria a Spwnarf 
MarewyMMItei 
KStediBKt 
Montson (Wknj 
WO 

NatWost Bankf 

HMtan MGriat 
Nafawt rtove rt 

WonhamBect 
Northam Foods 


P*Ot 


PtetoQrait 

PnrfenrW 

•S3 

ftortiQn.t 

neateSCeteerit 


1200 

4500 

4300 

1J500 

810 

1400 

484 

2300 

1.100 

193 

13® 

2200 

6.100 

SjBOO 

1300 

on 

9300 

1.100 

1300 

Ham 

5300 
1300 
7300 
2300 
1400 
1300 
1.400 
555 
1.700 
4.100 
10300 
0OT 
24300 
2300 
1300 
2300 
3300 
, 1.400 
5300 
2300 
3300 
446 

- d£ 

1300 

44 

9jum 

1.700 
1300 

308 

- 795 
1,100 
155 
268 
1200 

8 

533 

6.700 
4400 
1300 
3400 
3200 
2300 
2200 
1,100 

1.700 
4300 
3.100 

BBS 

10300 

1200 

1300 

5300 

336 

3.700 
2300 

150 

SB3 

9400 

4300 

625 

475 

555 

096 

7.900 

7300 

480 

958 

1.700 
1200 
1400 
4300 

318 

see 

423 

326 

103°0 

«,60Q 

2200 

1400 

241 

8300 

1400 

566 

2300 


413 

105 

583 


1*2 


-S25 

ft 

*73 

43 

013 

+7 

- 301 

.-1 

203 

44 

3K 

+S 

sn 

-1 

401 

-4 

575 

+16 

100*3 

- -1 

289 

♦S' 

0Z7 

+C 

528 

+7*1 

3*0 

+1 

394 

-r *2 

37ft 

43 


+7 

781 

+18 

7S4 

+12 

354 

-1 

303 

43 

560 

46 

783 

"+1B 

609 

■e 


*7 

-h 

80« 

41 

106 

+6 


197 

1090 

133A 

452 

-22 

208 

414 
IBS 
80S 
. 460 
306 
4*1 
426 
7S3 
459 
726 

345 

346 


RaedlnLt 

Bantam 

Beutoaf 


69 NON-FfMAMCIALSWen 


JL94838 _j0.4 1638.78 1935.14 194&29 182034 331 139 1725 937 14S93B 


RyiBkl 
BoysiH 

odiuJta’Sj 

Scootah & New.t 

Sem-Hyarp-aect- 


70 FTCANCULStlOB) 

71 Banfo, Beta*® 

72 Beaihs. Madharn® 

73 Iri8uranca{24 

74 Ufa Aasuranoa® 

77 Otfwr Rnandaip^ 

-78 Pnogy^ftlj 


295233 +1.1 2920.15 2904.63 295448 214141 

419231 +12 411936 4087.74 418138 281228 

353532 +03 350835 349733 350127 2971 21 

1422.14 -03 142527 1418.70 144338 118734 

356538 +02 354424 3528.10 358728 244434 

S2&28 . — 2525.55 253834 253934 182836 

1451.14 +02 144826 144914 14S434 138122 


334 

3.70 

2.64 

5^3 

331 

828 

421 


248 
282 
241 
9 PS 
138 
130 
121 


1278 1733 
1200 3932 
18.70 030 
738 236 
2087 030 
1828 136 
2223 2-84 


125423 

135831 

110845 

104430 

1452.78 

1417.08 

681.64 


80 8«VeSTM3tT TWUSTSB26I 313427 _+03 3126.77 3129.18314423288229 215 134 M-Wn aw i mw 

88 FT-SE-A ALL-SHAREpOT) 184444 +0,5 1834,82 1830 » 1846.41 148927 078 1M~1fl.7Q 940 iiunm 


FT-SE-A R edgSng 115202 

FT-SE-A Hedging ax inv Truss 115241 

■ Hourly wo — wti 

Open 830 


♦021148331150361143.72 86144 
+C2 115020 1150.14 114&56 88034 


234 

322 


222 

228 


19.17 

1828 


3.10 

320 


119328 

1193.08 


1030 1130 1230 1330 1430 1530 


FT-SE 100 
FT-SE Mid 250 
FT-SE-A 350 


37193 

4201.7 

1859.7 


3730.1 

42043 

18843 


37262 

4205.1 

1BS23 


3727.1 
42063 

1883.1 


37283 

42053 

18833 


3731.1 

42072 

1864.7 


37313 

42083 

1BB4.9 


IMP HflMfay Lotedm 


37333 

42114 

18884) 


37353 

<2123 

1807,1 


37382 

42153 

18883 


37183 

4201.7 

1859.7 


Thai of FT-SE 100 Ore's n?i *30 PM DqAi tow *30 AIA FT-SE 100 19K Htfc 8781 3 fO&OMO) Lore 29643 P3Q1/9S). 

■ FT-SE Actuaries 350 Industry baskets . 

Opan 9L0D 1000 1130 1200 13u00 1430 1500 18.10 go — 

10832 


Bldg & Cncrtrcn 
Phannaceutiab 
Wata 

Banks, Ratal 


50543 

20623 

41703 


10832 

60502 

2087,0 

41984 


10842 

50393 

20632 

42074 


10852 

5024.1 
20663 

4209.1 


10872 

5027.7 

2067.7 
42133 


10904 

50272 

20702 

42303 


10903 

60272 

2070.9 

42292 


10912 

50203 

20723 

4234.7 


1095.7 

50333 

20733 

4241.1 


PreHBce Cttonae 


10973 

50423 

20733 

4246.8 


1062.7 
5057.0 
2063 3 
41723 


14.8 

-14.7 

R7 

733 


Adcaonal W onna t iai on the FT-SE Actuaries Share fntfess to pubMtWd to Sowday teusa. 

"Tba FT-SE Actuartos Shore indtoee am caietteted by FT-SE WarrteJonrf linBad in «i|uiciion with the Faculty of Adi»ba 
fnsWuto of Actuaries. O FT-SE Imarnattoraf LWted 1996. AS Righti resermd. The FTfiE Aauariea Share IncSca 
accordanca with a standadset of groiffd rates asaMfchad by FT-SE intamaBonalllmited M eor^netian with the . 

and the harituta of Acturles. TT-SE- aid -Footttr *• twOrnimta of tbo London Stock Exchange and the Firemaatei!! fSS? 8 
and are uaad by FT-SE international LWted under Ream*. AwStOri Trie WM^ ^Corwany.’ T Soctor WE rauos osatgr ZmZZ 
eovara greOtr than 90 are net shown. * Vaki» ae negative. euananat 


2.400 

1,100 

928 
737 
• 90 
3£00 
019 
ZfiOO 
1000 
1400 

1.400 
A900 
2/400 
1400 

1.700 
41 

816 

203 

1JBOO 

3£00 

2^00 

12 

1J00 

5300 

393 

370 

374 

2.700 

2.700 
788 

605 
<03 

14 

1.700 
S12 

7.100 

1 JOO 

606 
327 
788 

4.100 
195 
882 
780 

»w 

1400 

663 

1J00 

16300 

2.700 
1300 

982 

633 

1200 

7.100 
1S«J 

970 

424 

1.100 


1JB00 
966 
553 
609 

a^oo 
1.000 
teunie far e r 


646 

373 

910 

700 

435 

664*2 

57B 

247 

833 

482 

1068 

345 

168 

184 

362 

172 

332 

896*2 

282 

57S 

522*2 

*80 

184 

819 

648 

719 

512 

327 

108 

737 

107 

IK 

405 

154 

41B*a 

883 

390 

iaa 

157 

702 

196 

487 

480 

644 

194 

880 

ss 

210 

544 

443 

365 

1034 

915 

305 

489 

670 

423 

1020 

355 

708 

208*2 

550 

3T* 

301 

1270 

670 

333*2 


-a 

+2 

«2 

48 

+3 

45 

47 

46 

-2 

423 

47 
+1 

111 

+7 


**2 

-1 

-4 

-2 

-A 

+1 

-3 

42 

-*>2 

+1 

-1 

-a 

48 

+15 

-1 


43 

♦1 

+ 10*2 

45 

-7 

46*2 

-1* 

43 
+3*2 

+4 

44 


+15 

««2 


-1 

+1 

+1 

♦ 1*2 


Severn Tiraitt 

ssr*-* 

gRsa; 

asssr^t 

^ultamawtt 
Stub Wstoe Boa. 
|«ttW tote? 
Sourhom Wafer 

T T GroU pj 

Taaoot 

JJwnaeWBtot 

Thotoatf 

Tmenat 

ar* 

vns* 

SUt 
252?^ 


368 

+1 

00 

♦1*2 

138 

534 

-I 

838 

840*a 

a 

805 

211 

-i 

425 

-3 

IBft 

+1 

701 

-4 

703 

-1 

687 

43 

B45 

850 

*11 

498 

+e 

884 

+s 

630 

•37 

305 

♦5 

386 

+1 

160 

480 

♦1 

120 

+1 

471 

42 

148 

+a 


46*a 

328 

-1 

1630 

269 

•9 

451, 

-ft 

444 

+1 


1200 

236 

540 

60S 

238*2 

182 

739 

337 

721 

337 

149 

iaa 

479 

742 

62B 

1250 


48 

-1 

-a 

+s 

-i 

-3 

+7 

46 

+11 

45 
-T 
+6 

+11 

46 
-1 
-a 


V. 


TRADING VOLUME 


Major S to ries Yesterday 

VbL Ctoring Oayto 

000 a crioa efaane 

















FINANCIAL TIMES THURSDAY FEBRUARY 29 1996 


29 


WORLD STOCK MARKETS 





EUROPE 

ADSnU(Fe& 28 /Scfl) 


w ljw na ns 


AueAir 100 a 

EftAuel BOD 

BtcAoH 4 GQ 

BUM BOX 

BrauUn 597 

e«H 6so 

Cmff 6TB 

EAGen 1570 
tVN j.+tM 

JMK 1.738 

Laang 87S 

ar % 

K g& ... 

RfSraH 352 *1 

Smyio 156-K: -i so 

WWiB 471 


ze 

a i 

ajjii 


Cosmo 
Cams 
Curare 
atm 
ament 

Dar^] 

Chumw «k-mi 
007 


■MM larlM W1 




174 
07 25 
1 13H 
533 
1H1 
590 


VATIC 1040 
VMBlA 683 
VOMr 70B 
VASU 350 
IMg 2JB0 


-3 605 

*81.130 

-* e 

4ID 

fS 


90 1.471 
a .» 


314 2.1 

SSH 

sh 

aw 38 
«21 1 1 


Caias 

■•' G£p eta 

— Ciftetf 
CitvCf 

— Cltotf 

- Cites 
CrtSU 

- Daman 
’ Damn* 

— Ugrniai 
.. Dadcrf 
■ • DtfTtis 

EoiaGn 

- • Ecu 
... Efifae 

EJiSe, 

- Eranei 
ErfCwy 


-s z.na i0sc 1 8 




Mom 4.830 

Afcmd B.S40 
AllMC 3.380 
AuOfln 1.505 
BBL 6.730 

&am 45 025 
Barm 3.685 
BeWl. 38.425 
CBRCfm 11050 




Or. 
CBtiyt 

Deere* 

DWII 

Elsctt 
EBnAC 
taros 
GBL 
MB Go 


177 

g.Boo 

3.7BO 

1194 

6.060 

£M0 

3,670 

4.085 

1.420 



2- ••• 

- : -;4 c-tnlvS ■? 
iic 


-3174 6012120 3 4 
*2 95 32 32 10 . 

—137 1.378 HOT 1.0 
-13 til43E2S0 1 2 
• 11 * 192 131 ID 

-8 *70 315 IB 
-4 541 n» 19 

, -jg 1 PKi 738 3 8 

,’«« -76 1.9*3 1.383 1 5 

2 JJg - 10 2L019318 ZJ 

74 so *4 36953 S5 

-0 80 44028311)01 
-£ 1046s U 3» 4 8 

3W - 30 *HLW 2SI 70 4 5 
,433 -S04M5UW1M 45 
3 SS -45 5.680 3 600 35 
805 -8 889 HIB 30 

4/1 -4 483 336 23 

_ 900 .. 013 53£ 23 

•44 fcO *10 310 171 25 

513 505 400 33 

B83 .28 SHU JilU 

.756 -?6 050 B70 5 7 

3 « 73 C .lajIV.MSilO 55 
361-4 50 3SJ 271 
878 -15 805 676 5 1 

-15 1248 673 14 
“ rS?rr -SS -21 1-917 1 3* 
“ ES~ .Z 65 *2 680 30C1 3 6 

' & 2 S 5 ,S,P “ 05 13 BQ 0 80 45 

^22 ~£ M - T <>?7 15 5 85 ._ 
280 80 *4 00 207 178 2.1 

™ 77 23 - 3Q 07.50 (jj £.£» 

_«=■ -13 814 431 50 

i25 Bc) -LF 70 -70 5 IDO 3.980 12 

gCj: _ 36350 -3 'a 404 337 6 0 

' HrS* -*l1 '0 -190 485 290 CO 3 7 
- 0*^ IjiTI -77 2 340 1,120 1 1 
ammm 36843 -440 386 M75D 08 
2.023 -4 2.024 1.651 4.1 

276 -3 400 152 4_3 

535 321 2 0 
40200 -8*459030570 13 

729 *8 74243310 ? 5 

JM0O*!W 4T4T9SI0B.3 
trononq CfcL 80S GOO q □ 

287 13 -2.90 372 231 1IJ 
war 143 -2 15B 122 3 5 

LVMH 1 146 -15 1.197 777 lb 

l* 4 ”™ 733 -38 855 473 10 4 4 

l/*0B 347ffl) -5 WnM738 43 

Lmrar IT? -512 ^B2« 32 

LOml 1.447 - 30 1 <77 1.047 1.3 

Lawr 288 -7 BO 354211U76 
9?5 *2B S40 C2T 0.5 

Lewtt 1S1 -7 70 420 138 If 

L]£““ 4GS .5 55040010 3.7 

™™ 22620 -210:3293 185 IJi 
MOOTK 8790 -90 129 66 6 8 

NwkW 770 . 1.075 615 7 7 

K2*& W350 -800 148 10530 6 7 

ftW EO 6800 *80 6 M0 3 334 1 5 

«JbBh 205 40 - . .Hi £0 163 5 5 

P**3 272 326 70 233 40 tfl 

Pmwn 43150 -850*3690 311 60 
PHDirA 202 -3 7073330 167 

Pctnmi 107 ro * 80 163 10 82 4 7 

PnW* 319 -360:Hta®7 7ti 1 9 
2auaT 751 -12 7SJ 508 1 2 

PStfr 1194 -8 1 220 WO 2 8 

ftwnoi 499*0 -460 5172S0U BO 
Jama 1J83 *8 1.425 895 11 

ttwttn 402 -2 M2 223 30 

teiBiC 1*210 ,£C 108 120 4 0 

RnauB 149 70 *4 7918*60 132 35 

ge»ai 1.05* -3 1 ota Ool ix 

5w« 12550 - 90 137 53 W 33 

RJSB 1 070 -7 1 080 DCS 2 0 

sue 745 —4 778 589 7.5 

SAT 2X118 -IB 2.16U 1 BOl 2.0 

SCE 113 * 70 210 03 10 57 

SGSThm 19690 —0.717 288 119 . 
5 mmh 3.100 *36 3.184 2.412 1 1 

Slhotti 645 *15 68* 517 3 0 

OOEM 200 *5 338 149 2 5115 SBLoui 15Q1 -331.600 1.267 36 

Bk on . - 3.445 9J5 ..53 Sw* 351.90 ,J3U40 213 2JS 

CoMdu 2520 -100 3.460 1.7G. 1 4 20.0 SOmor 21850 *750 275 131 


SA. 


.(■ IMi iw W Wl 


■ )■ M 11 W M 


Mbs tan Yld WC 


wa* taw wa Pit 


632 15 
BIO 12 
205 3B 
0*0 28 
122 95 
243 U 


9M1M 84150 *8 85280 

UWAfl 070 *25 98? 

COMO 205 -4 40 

Sum* 017 *5 840 

1HYSS 152 ITS 

Inna 278 -.70 308 

VSntt _ 272 *7 320 71050 3 7 

VH 88. U -127 88 60 4825 12 

VEW 480 *8 530 3BD 1 8 

v»rww 38i . 3ca aiz 25 

VtaB 825 50 *4 50 047 475 1 8 
VW 853 *8.76 55* SO 331 BO OB 

VMM 40050 *8 50 408 202 10 
WsflaP 730 -5 1.238 840 IS 


G8BECE (Ml 28 / Drachms) 


Common 8 .900 *175 10005 7.770 5.0 
“ asdb 17000 -40018800181)00 88 
4.100 -40 5J5SO 3JCa 2J 

11J1D *100 11508 0.600 82 
S600 -50 0.810 C OM 1.4 

1805 +105 3.083 2.885 48 
2.800 *150 2X185 1000 .. 
BOW —00 8.840 4.7D0 . ■ 
5.020 -230 fl.C* 5t) 3.040 


108 -BO 122 0720 32 
38.10 -30 61 56 2810 .. 

145.70 *J0 149308480 

OcsKlr (20.80 -100 13720 74 » 1 7 
Otrm 


DSIBJP 

ESmwRW 


0BO* 


Otnso 


33.70 - 377775 37 

88 -20 5390 5020 73 

0030 *1 10 10*51 7040 1 0 
00 40 *290 8150 46 GO ZD 
feOam 17030 +3012783 90 80 23 
■ Roomed 46 80 *30 5130 4280 86 
~ BOB* T 27.00 -1013000101 m 1 9 

Borant 04 10 • a 97 30 at 00 4 7 
ROstm 328 M *890 244 4017790 30 
SKton 81.70 . 5230 35 10 4 7 

mm 4440 * 40 4800 3570 Z8 
Tahor 369 -1 HO 70 172 10 

TmQb 73 + 30 8850 61 50 
UI8O0 22300 *2lMZ4UO1B30O 20 
.. VNU 2880 -30 27.50 1028 11* 
.. MBW 4100 *10 44.00 3850 

- MM8 113 +1 Urn 87 TJ 

VOmmOfl 52 40 * 70 6300 45 

VttUlfl 48 -70 574030 

WHOM 9330 *.10 99 83 78 

- WNDpR 17400 *2.80 17300117 50 ID 


MSB 
Ctfflt A 
EIUH 
■ • EncAF 
- EnmB 
• IWM 
.... ElMB 
. Eurne* 

.. dome 
.. Gmcsa 


IncxtA 

mono 

marvA 


118 50 —1 50 125 843d 10 

110 -5UIT4S0 Bfl 1 9 
310 -5 50* 3*8 00 

182 -4.50 104 02 30 

118(91 - 143 1 83 30 

333 *4 387 250 3 6 

1S2 -2 10860 99 60 13 

146 50 -150 1.114 95 70 1 3 
118 -3 ISO 88 2.5 

110 50 *750 1JO BS 2 6 
164 -50 190 130 23 

■ - 15* 50 8230 1 r 
-2 12a IDO 80 
- 105 79 50 30 

+7 1.380 237 1 7 
• 30 312 108 1.5 

- 30 53.50 

340 


154 
108 
101 
453 
1B5W 
45 ru 
340 
335 
215 


MSgr 
HerCsm 
ircCoB 
KmBnk 

NBiahG 13000 *4DDiiMiaao ao morway fret a / Kronor! 


GMflnq 11.150 
B«8MT 1.900 


GMWJ 

Sal 


Knlxik 


Won 

Roao 

Pwmn 

Ottch 

f Wd 

MO 

FlyBWa 

5ma*a 

SocCn B 

Socfin 

Saflns 

StflHa: 

SnSray 

Sp*hH 

TietB) 

IICB 

UnMH 


.3.470 
3.350 
2.1 BO 
8.400 
8.040 
1060 


5.0 

tf52;^25 aiao 

*3S0a.TDD 18M0 1 4 

-100 9000 5. EDO I 4 
-30 4070 3.125 .. 
+14 1086 1.092 Z1 
*10 7,490 5.590 60 
+70 30*6 203 40 
-5 3050 2.555 
-15*300 3000 48 

-40 1.440 1 000 ?8 
+75 n 750 7000 4 I 
-SO 1JS70 1.418 35 
-80 SJ3W 2825 32 
+10 3.440 2.HJ5 
-80 2000 1025 89 
+50 8050 6 010 3 4 
-1OB0OOS65O 34 
+15 1080 1.755 


ITALY (Feb 29 /Lkv) 


ABna 14.300 -*90 11M0 I^IM D0 


AhorB 

BrgsnA 


8.67D 

8085 

Oca CO 3.350 
B Coram 3.480 

mazAg 1.012 



8090 +150 0010 7030 32 


..4 450 2.B0Q 3 6 
♦20 3040 1095 11 
+1 *f6 280 55 
•4 466 280 5.5 
-10 9040 4.030 34 
-TO 7J1C 5.300 3 1 


4.100 
3040 
319 
319 
6050 
7050 
2.473 

6.470 -340 a. lau i . 

15.750 *350 16.50a 12.630 3 9 
2020 -.2.1M 1.450 5.1 

18000 ...16^11200 37 

42000 . 45.BOO350M 12 

12.525 —125 U4M 8050 3 7 

48075 •i.oraefflMH.s® 1 2 

2020 *20 2.490 1.755 5.4 


*80 7080*1 
>120 HAS 8030 
. 4.DOO20OO40 
-90 4.145 3000 *0 
-6 3.780 DIO .. . 
+79 1078 lisa 1.7 
>11D lUmiJMO 21 
+35UWT0O8 It 
.27OH0t 

•is ljr 

-38 2X 
- 1 . 0 ^ 

-IB1.il 
+5 2.0C 

-83 2,1 .a»r ... 
11.700 +140 12000 8070 1.5 
5050 +105 0.1 7D <010 
7 .870 —53 B0QO 5000 24 

*091.728 810 
+85 B03o 4070 10 
*85 4.480 2.796 1.7 
+65 4.480 2.725 1.7 
- 4005 2005 42 
+25 1010 575 .. 
305 B04D 4 JOD 8.1 
+171.440 579 4 8 

‘1,1 JO 41,700 34000 10 

mo 111*0 25 

'M 4>S0 Z2 

hf 40 3.67D 2^SO a JS 

10050 +23011010 8,170 40 
2.076 —65 2005 1.850 1.0 

10.68 0 +110 111 

. man 4.150 +105 0.0 .... 

■089 4.700 -80 6,880 5060 Z 6 

Espies 3.800 4.230 1.940 76 

. IfaaMar 2250 -150 4.500 1.755 31 

. .. 1*70(0 1O0mt -2OOU0UB.OOO — 
._ Meatmc 10540 -285 14.780 0.705 1 S 

.. Uontsa 9*0 +1710B2 BW .... 



-5 184 11730 0 8 
-10 342 228 10 ... 
..IBOa 12 50170 
*ra 331 sob ... 

+ SO 21 30 14.70 72 
-00 1B9 179 29 
+ 80 38.10 31 53 

-2 213 120 29 
97 1000 9 1 
-2 1Q3 80 32 

15 20 -1.701860 4 - 

273 *1309)21500 22 


118 

Slams 315 
□vflnA 1800 
OHLB 295 
0N8A 2070 
Dynalo 138 
FBttus 3800 
KttMyc 170 
IMSv 00 
LnVH 93 
NO. 

NttHBl 
M£haoA 19100 +? 

NonhS 1B0 *3 

OflitaA 207 -2.60 
Omu 270 -8 

PWCSO 149 -I860 
RMX8 13950 -50 


tnvttfi 25850 -450 
Kttme* 221 +1 

Lw*B 77 -1 

MufWA 182 . 

ModdB 33300 -1650 
HOOOAF 330 -5 

NnUktt 11950 -200 
67 50 -00 
88 
117 
11650 
149 
15100 
77 


337 

247 

313 


Ntneu 
Pena 
SCAA 
SCAB 
EXFA 
r„ SKf B 
SasbAF 


SacuiB 

SEBnkA 

SJokBi 

SKMhB 


137 +160 
135 +3 

350 +5 

50 -50 
ISO 
212 


38 28 
230 2 4 
338 24 
100 4 7 
110 3.1 
280 117 JO 31 

2?J 165 70 

87 60 38 

IBS 140 20 
*85 258 3 3 
403 270 33 
123 1400 . 

8B 5700 
-2110(10 8025 eo 
~ 141 80 32 

142 8050 32 
IBB 119 30 
170 120 36 

187 5650 130 
lfe 10830 2 7 
148 109 2.7 
156 114 3 7 
367 192 14 
— 68 3200 

-5 10650 1005(1 12 
-1 310 137 10 



jJjK 


+2 


+ 50 

-a 

-2 


Z33 

222 

333 

315 

200 

145 


170 08 
161 08 
205 I 7 
205 1 8 
10S - 
120 32 


GagWJ 73 
Scrum 97 
SmaAm 13650 -50 
6H8S C950 +00 
SmB 99.90 +50 
under ioz -3 
mm 132. SO -2 
131 


ISO -10 155 120 33 .. sSSc 
73 ... 6850 8850 20 . . K* 

8830 6850 2B 
SS 67 12 
147 50 0 5 

125 5750 2.0 
125 57 50 7 0 
113 79 2 B 

155 106 10 

151 105 10 


7500 -100 85 6000 ... 

13500 - 50 140 93 60 

steam 73500 -.so 140 mss 

SkKttA 80 50 +40011060 67 7J 

SMS 86 +* SO 112 67 7 4 

SvHsnA 131 50 *150 142 ft* 23 

SOS —4 225 159 
125 +150 138 80.50 24 

141 .. 151 9450 2.3 

115 -1 125 97 2 6 

11050 *150 107 105 *2 

8200 *214800 m 12 

104 50 -.50 119 08 . 

147 +4 50 1*212200 5 3 
147 *400 7-700 103 2.3 


SVHnB 

SvdMA 


liWtt 

TiHsafl 

VahoA 

WXvdB 


110 IllM 5290 00 
>000 3.486 1J) 


MtAlffl (Frt 28 / Zloty) 


iMuhk 

ZJMWC 


1550 - 70(610 640 1 0 . . 
3430 +10 4100 1060 .. . 

7 60 - 06 6 60 0.35 .. .. 

09 - 50 165 81.50 12 - 

23 70 3316.90 13 - 

IDS 213 12750 10 .. 


CZECH KPffft 28 /KonflH) 





266 +1 274 249 4 5 96 S» SA 

Komenh |0S +10 1065 1,115 32 189 SafmO 

1.670 +55 1861 9(0 _ S*M 

4.750 +25 4.750 2.900 72 139 SKW 

Smco 
Sneo 


430 3 3 
295 1 6 
16* 2 A 
747 1.1 
242 1.1 
470 0 7 
67S 


.'J r; : 
t . 

a . 

•i i ?' 

rl. i: 

in -p. 
it i . 
r, z . 

’ ? * 
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t y- r- 
£ 

7 - 

Vi > •' 
:i .V •• 
•■2 -J 

■:r. z 


■3-. 

:=i 0 • 
. ~ £ ■ 


DBB5AHK (Feb 28 / Kl) 


AdPA 475 +5 630 

315 3S7 

208 +1 216 
CMA 319 — 371 

Cmtn. 320 +1 329 

Ofltera 610 +10 610 

Caden 850 -401.100 ... 

DS12A 121000 *1010 17705 96 00D 0.4 
CVSI28123.000 +1000 <X1‘>) 94 000 04 
QlSNer 935 -5 100077889 0 9 

as Eva 177000 +1000 nun i^an 04 

OS Sirs 178.000 +750 113 SO 1J4 JM 0 4 
Dntaco 279 *1 315 199 t.l 

DliBIA 445 +15475*7 M 312 . 

OmOSk 383 -1 45505 296 4.1 

+2 ITS 100 7.6 
— MS 425 ZS 

-2 550 380 26 
-a 18S loan _ 
__ IBB 11a 10 
+1 190 100 10 
-79 uns 1 .280 1 9 
+7 397 332 Z1 
♦2 S20 
♦IT 260 
*10 1.446 

-a 375 


SteR 

SncCen 

Soamo 


EAsta 

FLSB 

694*6 

HafcJB 

KS A 

BSH 

icaori 

Jyttafl 

KoebLf 

KomOo 

UtnB 

NKTA/5 

NSeC 

NvNnB 

PDBQi 

RttlSoB 

Soklci 

SaptatA 

SopOSB 


118 

480 

458 




TopDmi 

UradnA 


647 

525 

33* 

640 

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ABNAJ 

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Amaaa 

Ammo 

AndoCn 

Alirtou 

Aomen 

Anvama 

AitmOi 



M-flJff 


Maesho 

Moan 

5M9U7 

MUdsM 


MhnCC 

MneOe s 

MWOftB 

msmoh 




1 74. 

1090 - _ 

+10 L4?0 09 

-10 1£«0 


- . 11 1050 
-1 556 


920 ... 

tt l \ 2 

773 0.6 
570 .. 

226 1 6 


- bUGsCIi 
MtHvy 

— UUMbi 

:.:2Sr 


860 


CrtnO 

CUMts 

Orgdes 

BuoAO 

EJVto 


+3 307 
+4 SOS 
+40 1050 
+20 1.740 1030 09 
+ 17 667 3G0 .. 
-40 3080 1.880 . 
-1 944 548 5 4 
+6 8SO 500 .. 

. . 2.1 

•20 £B 1075 


MfaWHse 

MHMt 

MttU 

MMEnS 

MKFud 


.... Bus ten 

— Bans 

— mean 
•••• Bmrar 
.... Kowe 

— Mmtfm 


Ponv 

pYofl. 


Serin 
.... SnEl 
.. TdttOA 
.... Tmefn 
_ UttFw 
UWR 

„ vucm 

.... Yttiwm 
. Vtodn 

zamo 


438 
,948 
6080 
2XMO 
707 
1.1 BO 
1050 
2070 
1.430 

13020 


♦60 20401.470 2.7 
+12 733 450 60 
+201.855 1 045 6 3 
._ 1,750 1028 ... 
+25 £610 1 6G5 £1 
+80 2.100 1.115 £1 
+20 U0» 9099 50 


108 60 
03 £2 
MMflS 119GO 
KLM 54.90 

KM>BT 46.40 
KPN 6830 

KPkOpR 41 60 


INDICES 


ti .; 


Feb 

28 


Feb 

27 


Feb 

26 


199506 

«rei Low 


Fab 

28 


Feb 

27 


AG* A 
A6AB 


FED 

26 


(Fab 28 1 Kronor) 


9650 -£50 104 67 23 

96.50 -2J0 I42SI 68*0 £3 

B97 +15 710 454 1 6 

693 +13 707 445 1.7 


ChflRnn 
~ OWk* 
cnuaTB 
•• CDWCB 
CsmOl 
■••• tree*: 

•• DHdaS 
- Date 

- Dalft* 
•• DUMB 

D'dilP 

DaWn 

— Mte 
•••• Omani 

% 
DNKPr 
DNpTor 
DshwaP 
... DlckFM 



.. MHMnS 
.. UHOsh 
MttPet 
M®0«. 
324 MBToa 


(MvniH 


+ 10 2020 2.079 _ 
+81.040 813 . . 

£499 1.999 
-B 1.480 707 
+8 «il 493 10 
*6 749 4« 

-6 633 410 — 

-1 585 365 .. 

- 1.500 976 ... 

.. 1.650 880 0 6 . 

-50 2.1001.400 

-.1.620 1000 

-90 1.130 640 
+1 076 5 60 .. 

-21 BSB 381 

-13 518 355 

-25 1.100 770 _ .. 

+1OT0M1JW - 
+9 475 270 . . - 

+17 880 370 
♦3 B30 578 09 
-10 1010 593 - - 

-00 1.780 1 £80 -.74.1 
-90 1.700 867 0 6 - 


I. 

*74 

HI 

BBS 
B9H 
549 
671 
*41 
556 

HS 

634 
908 
285 
1£20 
741 
425 
33* 
BBS 
% 811 
.. *405 

. . MIlTiS 1070 
.. MftMh 811 
. Mama ££io 
.. WW 599 
. *te ion aw 

- MocnPn 1.410 
IftnagM 513 

.. MQflS £140 
. . Murttan 3.420 
. WC 1.240 
MQJsjn 1.060 
.. NGKSp 1.180 
.. MIKSp 585 
SS« 284 
_ f«A 765 
NSh 755 

- *m« 712 

NCWFU 440 

... NSW 429 
953 
622 

_ - 1.770 

NMJie 309 
No won 957 

Menfl 1.450 
NcMre 667 
NHinCm 569 
NUuMo 415 
NRnPh 679 
370 
1 £10 


....1.170 922 09 
+10 1.140 470 . 

-20 1.850 1.100 - 

+14 584 *04 ... 
+12 BID 556 2 0 
+1 445 276 .. 

-30 2.420 1.180 1 1 
+20 2.140 i.eoa . 
+50 2030 1.1 
-20 1.790 1 
+ 10 1.160 
-20 2 8401 

'! 1070 641 ... 

565 232 . 
-3 737 470 . 

-15 875 485 _ 
-8 830 521 0 7 
--I0 1.400 T.030 0 9 
... 930 492 _ 
-10 B53 

■awv 

-Tiii?B 
♦To i 81 


.1.8 

''2^30 1030 LI 
-5 943 894 .. 
+1D107D 925 - 
♦201.43D 930 ... 
— 104Q 918 ... 
. 650 274 1 0 

3 §g ^ 

i S Si :: 

*0 U3r 755 . 
-.£0201000 ... 
+2 759 GOB 10 

-v^ 3 ^ :: 

4SujP«£; 

ill = 

+2 913 635 00 

+5 ; 

+3 1 
-30 1J 

+20 1 / 

♦30 5.6. . 

+1 745 

.. £120 
+8 


- HDOHESU (Feb 28/ Rupiah) 


AEttm 4.075 -200 3.950 2.000 26 

BkBaJF 5.725 +50 5.950 3.149 1 7 

Br+Jnd 9*50 -50 1D.IJ0 4.375 .. 

BPTmbr 2x»0 . 3.625 1025 24 

HMKamp 26075 -375 29.70011! QO) 00 
tetsomp 26.075 -375 29.700 1 0000 0 8 
WdKPP 1000 +125 3035 1000 18 

■Warn 3.000 -100 0.075 £025 £7 

KoJFar 7.600 -100 10 AGO 0750 ... 

PT Tel 3.760 *75 3050 £050 

l/rract 5.100 5*00 3.700 


27600 DuPrtA 
C0050 DunoBA 

60050 BunfiSA 
1000 Lmc+o 
1711K10 EcnoB 
96134 EdoerA 
9030 EurNev 
3800 Freer 
238904 Extend 
7857 Pimm 
12325 FsMA 
looaa Fonts 
15579 FrNst 
2000 FalmV 
17068 4Seasn 
1600 Bands 

3400 Gnvur 
13110 GrocC 
£550 GncfsA 
52495 Gamra 
55340 OuHC 
600 Hl/SlA 
5ES5 HMSI 
32004 Hmk 
26923 Hennas 
5350 Hbv> 
153960 Horenre 
19875 HutSay 
43091 SA. En x 
255221 krenoax 
35549 knoOd 
127452 NX ■ 
30000 Intent 
141870 knreG 
28400 hmcnA 
7920 UkWChk 
209000 KmrAfl 
5000 Ltena* 
1100 LurBk. 
6830 LJArA 
265028 LddnG 
4904 LdCOw 

36568 Laewen* 
20630 Lonbo 
51035 Matbrc 
921581 UflrhRS 
157300 MOS B 
29515* Mnncil 
550069 MacciBt * 
21 BBS MaonaA 
114576 Marrgt 
299675 Memns 
16475 MdHW 
264588 URN 
9820 MolsnAa 
61580 Moore* 
5500 NtTMjW 
2329 Wifst 
121285 HlBKC 
158802 NewOdg 
4024 Newtal 

jRBSpV 

525114 MnOaM* 
11194 NreoiE* 
120738 MBTSI 


T 51 +01 

36A* +^j 37 25*1 
O.S6+09 14 0.74 
23V ->* Tft 1 * 22 

Jb+StA 

BiJ +H10>x l 
14^1 +4 2S>» 114| 

"1 + XkA 

20U -H 21lf 16 
7 +1* IDA, BH 
10 —V 144. 5 

27 —A. 27U Iftij 
17V •Xg ia>a a>2 

191* 20U 12 

425 +1405 4.03 
52‘j *4* 56% 251. 
361. 384 1BH 

% a 1 ** 
M a a?® 

B4V -a* 91 801* 
14>s 14% 8% 

19? +0? £03 (S 

?4 iT 6 

171* 20»i 12% 

15% 1E>2 II >4 

*8^ r 



_j £53 001 

17% -l.ZIS 16 
54% 65% 43 

19% 22% 18% 

10% -A* 21% 8% 
8? -% 111* 6% 
81* 9% 4% 

231* 25% 18% 

26% -% 32% 23% 
1.4 108 005 

20% 21% 17% 

11% ij 81. 

66 +% 72% 34 


64% 




MALAYSIA (Fab 28 / MYR) 


~ AMMBHd 30.75 

Arrra i.ge 

” AofcPnl 4J0 

BoUlki S.40 

■ CAHUg 1400 



r B ! f£ ~'i 

r ir “ 


HEW ZEALAND (Feb 29/ M2 S) 


US INDICES 



578700 


3500 2020 0 9 
+01 2£7 ICO 4.0 
+02 lb 3.46 _ 
. 560 3 06 1.9 
- 10 14.80 700 . 
-20 a 40 4 62 ... 

. 2505 1580 _. 
+02 £73 159 .. 
—0027.50 1800 1 0 
+.00 4 78 364 3.8 


+00 1380 & 90 1.4 
+ 02 4.12 £21 ... 

15 9 40 1.5 
.. 4 84 £60 ... 

+.10 B-50 BBS 21 
. 1100 400 36 
. 9.45 5 40 1.4 

+.15 6.90 388 
+ 05 8 95 60S 0.2 
+.10 24 14 0 9 

_ £40 1.40 30 
-.05 BSD 208 00 
- 4.18 2 08 02 
5.10 252 0 4 
_ 190015 40 „ 

*.05 8.50 7X15 10 
+ 05 095 8-10 . 

_ 1010 7 60 1 7 
-.02 4.16 318 1 9 
-06 5.20 202 . 

_ 1780 11 10 

-.10 22.10 15154 

♦05 805 404 09 

+.10 900 6 40 5 1 _ 70500 

-05 705 5 21 _ wag 

4.64 250 4 9 ._ H0135 
-15 8.80 010 .. .. #1568 

-00 2030 16 80 07 _ 10810 

_ 11.10 855 10 .... -171201 
— 10 18 90 10.40 0 1 


5602 H umai 
10446 WitiueE 
1536S One* 

0951 OstlaurA* 
221 6330 PocuP 
4815 PwCnP 
149600 


^ +%JS 


43% 


- IB 


Room 


I B8& 



4774 


2350 


-%ii 
i —05 


.. 109 104 70 
+03 3 96 281 ... 
-.04 590 300 4.1 
-0B 5XJB 300 ... 
♦ 12 405 310 4.1 
-05 5 70 4 30 4.7 
- 3.70 £78 4 9 
_ 150 2*5 4 0 
+.05 6X17 5 03 .. 

_ 10.50 802 .. 


SINGAPORE (Feb 28 / SS) 


110576 Trtglb 
528234 Tabs 
207 Terra* 
1183320 Thornsn 
700965 TuDora 
200 TorSUl 
327069 TlOTP 
125240 Trmlti 
TnonA 
THmac 
TH 

3S6 

73100 UtdDbmx 

’Soli 

1100 WeUmda 
119543 WteWS 

22348 MbWG 


3 'ft® 


3&1& 

50% 39% 


A8STRAUA (F6b 28 / AustS) 


+ 02 404 300 1.4 
-JE 4.74 £07 10 
-.06 254 1.90 .... 
-0012 80 585 0 7 
-00 17 8 . 

-00 2090 1150 ... 

1 4B 0 71 .. 
+JH B*5 5 30 ... 
-40 2000 12.60 09 
+ 04 £43 1 67 
-CC 338 £62 14 
. £90 160 
-XJ2 5 30 4 06 60 
.. 9.30 5 30 - 
+ 02 4 26 £57 . 
-05 12-50 9 . 

+.30 1430 10 1 4 

+02 14« 1XJ3 0.7 
+.03 1 GO 0.90 - 

. £« 1 40 3 1 
.. 550 4 10 00 
-03 3 46 2 59 2.7 

2.08 1 44 3.4 

...20 70H.70 aa 
-1011.10 7 30 .... 
+.05 8 65 6 50 1* 
151 1 15 30 
+ 02 4 10 302 14 
. 6 05 202 £0 

-.20 1 5.70 11 80 1.6 
11 0.90 - 
+ 70 291705 

— 06 3.6S 2 62 1.0 
-02 3.74 2B4 35 
-02 1 74 £84 35 
, 418 3S £0 

-.02 4 XM 3 08 25 
16 10 60 £6 
. 3 24 2 32 - 
-.01 3 16 £25 £5 
-06 3 62 £80 15 
+ 06 356 2 15 


MONTREAL (Fob 28 / Can S) 
4 pm close 


325195 BmUnffl 
31500 secnP 
17600 CamUo 
20286 Cscade 
13 QiMarr 
900 GTCB 
26976 JCoutu 
36917 MMcti 
83406 MnBkC 
32140 Prwgo 
3300 QbcorA 
14350 HOtmi 


. +/- Ite Urn 
9% -% 21% 11% 
?% +1% 56 17% 

IS **» ?a ’a 

14 -% ft S 

& 

Pa 20% 11 % 


22% , 23% 16% 

12% -% 13% B% 


- AFRICA 

I- south Africa (Feb 28/ Rand) 


-199M6- 


«0b 


Feb 

27 


Fao 


FEB 


1995/98 


Stn cmsbabHi 


' s- . 

• ...♦«• y 

Argwriba . . 
6enartZ3ri2/77) 

(d 1648980 1660702 1819106 31/1/96 

- 'i J • 

e . 

AuaUaOa ' 

M OnAreffsan/MOT 

226S.7 2258.7 2268.1 230000' 14OTB 

■ ' ' -:l 'm ' 

mmoginm 

1(00.4 10270 10320 105800 2/2/96 

. . 

Austria 

oaRAHBsgcmm) 

380.41 379.72 37800 39502 27V95 


TmdMkMeea/wi) 

107702 107463 1073X6 109*98 773*96 

' -r £ ^ 

)f BrtBfcm 


f 5 : " 

0000(1/1/91) 

168280 168905 166701 171 504 U2I96 

*■ i 

_ • ■ " • ■ * ./*■ 

BrazA 

Bornsnoa/ana) 

M 519300 52*620 6410800 2/2fl6 

* + ■ ■ 4* 

j3 . 

, -y 

Canada 

Metes »Ms*i87g 

(OI 516901 516024 637008 8/2/SB 

7T-. 

Q»l»si>+(S7a 

H4 495427 4957.10 505909 14096 

- J 7- 

. -■ . -2'. i? 

nMfrtoStV1A9 

M "417.75 341608 248807 B/2/96 

■ • V ff ■ 

CMa 


i 

bfh GeoVCT/raaq) 

M 560601 £7636 8363.10 fl/7/95 

’ K '*?.■ 

DwmiaiK 


337.09 38579 3BS32 3JUS 13735B 

■ . V v- P 

FMand 


• V '" ;5 J> .? 

hex towrejzanawj) 

1825.43 183707 182816 233£22 14«95 

. • i 

Ranee 


* T- ' ' 

SBf 2508VU/B0) 

1354.91 134031 133132 135*91 280/96 

.^U _• *JJ IS 

CM 40(31/12/81) 

199&eS 197402 196003 202*09 1/2(96 

•' •< ■ 

Oenraqr 


:* i^ • 

FAZ Aktaqi/tasa 

87600 B69.70 86839 88£5B 1/2S6 

'.. ■: ■:? % ■ 

. ^ j6- / 

Comnwa»ari4Vi2ffij 

25413 319.7 25)9.1 255900 317VB6 

Mxawtaun 

347250 344402 34423* 24TZ50 28096 

' ' - ' j-i * 

Graaca 


■ ' - ^ S: 

«ewfi®l/U»0j 

99952 96027 . « 035J52 Z87S95' 


963109 9095 

152300 8095 
79500 ftOTS 

32850 277UV95 
BS£16 *3710/96 

127153 90«5 

2138200 V3795 

380653 1/3/95 
399101 30/1/95 
196306 3071.95 

467600 W3/95 

33001 20 056 

156500 ZSQ/95 

115*41 13095 
1721.14 2371095 

70657 30095 
201 BJO 300/95 
191056 28/395 

757.15 1B/VS6 


TopW4/l/6S) ' 

2nd SafltnVLBft 

Mateytea 

KL5E -Como (474/86) 

M i d do 

PQJbw 1978) 

NUhartand 

CSS HHnOenfEnC 85 

CSS Al Sh(Ent A3) 


154702 155307 167£12 163203 STVK 
203206 2039.19 2D5257 20058 4/1/95 


1183.16 13/695 
144100 13/6/95 


107605 107702 109006 106006 26/2/96 84007 247195 

(4 293806 295509 310102 2/29B 144702 27/295 


564.4 

341.7 


557.7 

337.7 


55BJ 

3330 


65700 W296 
34300 14/296 


42290 23095 
26600 230/95 


Cap. 400/7/86) 

Norway 

(MoS£0odX2/l/83) 

PNDppfaKM 
Marta Cofoenm 
Pamig ft 
BT/Y1977) 


SB AI-SJwb(ZW 7S 
South AMea 
JSE a*K28/9/7B) 

JSE HAJ289/7Q 
South Kona 
Kore4Cmp&-H71/B01 
Spain 

Madrid 5^30/1205) 


215002 213245 212706 220602 2VHV95 190103 5/195 

129603 130505 131058 1319.17 23096 103900 10095 

2882-45 283302 293306 2968.12 KV7/9S 219646 2071195 

20039 26140 26104 291100 9/195 241Z90 22/1195 

59874 601.10 604,49 81007 5996 <7200 23/1/95 


17265V 

B34£D¥ 


17520 

83287 


17500 202300 2/195 
03940 173900 250/96 


B5S01 859.87 85005 102707 2/1/95 


125000 30/1095 
022200 31/195 


BCZ.72 20090 


Mksmah 554921 

5565.18 

563049 

563049 

383208 

563048 

4132 




(23/2/96) BOTi/95) 

C3WB61 

(2/7/32) 

Hon Bank 105.15 

10501 

18508 

10009 

(OKI 

109J7 

5499 





13/1/95} 

nsan/93) - 

11/1 0/B1) 

Tmpfxt 2064 02 

2079.24 

210403 

211137 

1473.19 

211137 

1232 




C2 I 2/9R 

0/1/95} 

(22/2/9Q 

(H/7/32) 

MBflos 22117 

22304 

22506 

23*00 

18303 

25044 

1050 




(12/2/B5) 

(3/1/95) 

OW93) 

<a/-V32) 

Ot Ind. Day's Moh 559725 B847.63 ) Low 5*78.75 ©530 «> ) {ThaoreUcaiai 


Day's htel 59G5.10 1502905 ! 

1 Lew 650911 (6659 68 1 (Aoual+j 



Standard and Poor# 







ConposJUt 647 34 

65046 


661.40 

45011 

68105 

*40 



nyz’95) 

Br1j95) 

(12/2/96) 

(1/6/33 

kukssSSa# 762.02 

76603 

77B.12 

77633 

54628 

77B23 

362 



(22/2/961 

<371(351 

<zmm 

Oi wag 

RnascU 6655 

EGAS 

6709 

6706 

4104 

6709 

804 



(23C/B6) 

13717351 

(23W99 

(1/10/74) 

HYSE Conn »509 

348.95 

35004 

SSI 30 

250.73 

351.70 

4M 



riaaw 

pa«3 


C5/4/4Z) 

Amu unite 563% 

56535 

56937 

67016 

433.12 

57016 

2931 



C2M9BI 

(&n /95) 

t22nm 

(3/12/72) 

HASDAI) Cap 1106.17 

111305 

1117.7"9 

1117.79 

743.58 

111739 

5407 



C3727969 

Pa/95) 

03/27X1 

(31/10/72) 

■ RATIOS 








ALfcyl 352 
MAW 552 
turner 947 
Amtnb 430 
Arms 650 

/teuton 2 

ANZBh BJO 
Autfou 2.15 
AOGU 5£0 
AM 1 06 

BMP 1879 
Basil 181 
Bor®, 3 57 
BsiflCo 086 
Braifcra 16 
BresPn 286W 
CSR 448 
CRA 1904 
Cam 5 

Ctyde 106 
CCAttttU 1£E2 
CCHSM 440 
Cmala] 675 
CoaunBk 10-71 re 
Outer 1 40 
DrttaG 3J1 
' - 3.45 

350 
0 70 
£68 
2J5*fl 
£31 
306 
1.47 
346 
109 
245 
1005 
2Jfid 
102 


SOUTH UREA (Feb 26 / Won) 


HyEnaC 37,700 .. 4£140 7a.323 01 

KorCf 2B500 -3003330023^0 18 
KFMBk 7J4D -170 10.800 8JS0 _ 


100 49 2l”7 041 000 +1000 MMOB SSI KB) . 

400 5 0 LG Be 20.700 +200 33 459 3UB0 1 4 .. 

o » t i « .a-sss . . ™ a® ?NS u - 




300 £45 £6 _ 

.. 6.15 201 154 _ 

-.02 lose 833 4X1 _ *»“ 

+05 400 £54 10 .. 

-K 926 8 30 3£7 

. £05 I 52 4.0 _ 

- 6.W 4 06 50 

-.03 222 
+ 10 500 

... 109 

+ 1020061686 12294 
-04 1.83 009 _ . 

... 3 77 307 6.9 

.... 0.70 000 ._ 

-oi sio^raEGiSfi TAIWAN (Feb 28 /TW S) 
476 4 09 5 6 18.7 
+ 10 2075 15 30 - 

3 4.4 — CLlnB 116 

1 35 70 Ot 01* _ 97 

700 10 _ CnlDev 7400 

300 6.0 ... Olfia 'SI 

4 JO 3 7 . . FlWBk 0000 

-12 05 7 65 7 7 _ NYPett 40.40 

... 1 85 1.15 0.4 ... SHK U 00 SB 

+ 3 75 2.10 TaEed 76 

-03 3.B8 307 7017J 
+.10 7.30 2 70 ... ._ 

Oi 080 000 £G os THAKJIKD (Fab 20 / BahD 


... ASSA 
... AEG 
— AIMtf 
- AflllC 
_ Ames* 
AngAin 
.... AregaU 
... Ampwt 
... Anavxa 
.. Angvoi 
— Bartow 
Beattx 

._ Bn*m 

.. BKW 
7.7 CNAS4J 
2 10 .... DefiCen 

Deeuar 

Dnetn 

OurOf% 

EfDO 

Lmt TM Pffl 

E doers 

EtandG 


21.75 

23 

B5 

177 

247 

25400 

sag 

2400 

26.50 

155 


+ /- Mgtt Lew YH HE 

+£5 2300 11 £0 _ 

— 32 10.75 £5 _ 

- 112 77 3 5 ... 

+1 210 160 £0 -. 

-3 290 £17 £0 _. 

-3 276 182 1 6 — 

-8 *B0 286 30 — 

-00 3100 2000 

„ 33 23 1.1 _ 

-2 172 97 00 


-■ EX 


75 DUO 46.700 

130 00Q +1000 1/4* 7*021 02 

SemgK 16.700 +100 32 J00 16000 30 
Yukonfl 24000 +300 38.SH E0OO £2 


. 169 107 1 3 
196 8400 10 
— 1 9525 6850 ... 
-10 3150 17 90 70 
_ IBS 8* 1.0 
+20 5826 38 2 B 

-00 99 25 56.75 2 5 
-2 126 55 50 .... 


Gencor 
0F5A 
" GrrfSh 
, Hammy 

Hnbs 
Hvrtd 
10 J 
isctw 


5625 
3450 
9.75 
640 
150 
2225 
2725 
33.50 
35 70 
1235 
1400 
126 
500 
48 


+ 02 3. 

-06 2. 

. £_ ... 

*03 3.41 224 52 
-01 109 001 20 £7 


£48 30 . 

100 ._ ... 

£13 70 110 uvinl 
Bgtfink 


— 367 3 IS .. _ 

- 1.42 1.10 3.6 - 


HnOne 


34513 34066 330.75 34G.T3 20296 26408 23995 
1896.7 18780 15519 1886.70 28OT6 W390O 79/3105 


V 


1* i. 


Hong Kang 
SwoBWZSfl 

M* 

BSE Seesrazai 

tode n—k e 

OwpflOBBJ) 


00 1579.49 157200 157SMS 27/296 
M 114706 114426 11BBL09 4^96 


■■b • 

3 ‘ 


60123 

tazM 


GEO 0wrt|4/U!q 
Brty . ■ 

Sanui Coot Mp973 
M8 Saa artBlipq 

MM2Z5R85M) : 
WON 3Q0(1/UM£} 


■HDCX FUTURES 

Open Sell Pitas 

■ Bop , tndax) 

f* 19895 200aD 
. 7S975 20075 

■ OAX 


1126*65 11197.02 1121042 1159490 16096 886703 23/1/95 

349*09 3519L29 353&10 383209 2b 95 282&06 2S/196 

S952B 59736 59400 59706 27/296 4M21 19/495 

MM28 2313JE 231967 2336J0 16996 1B125S Z3H95 


59353 

10070 


59306 68054 10995 
10060 106200 9296 


1991907 2000040 2048027 2111830 6®96 
299J0 29370 30706 5/1/96 


547 JB 5/1295 
SB2XB 1571796 


1448540 3/795 

77778 1M/B5 


AlfBmcnle6Ni(1/2/37) 

Stetowtend 

Stofe*»to«vw»fl 

SBC Bhnen(ft/4iB7) 

Taiwan 

.Wd0lMfr.n30«6Q 
Tl uWe n d 

BaBtfrtSETBOMWS 
T?rhoy 

VMM Cmpitol 16661 613499 616735 532320 6167300 27596 

US Qtete WS(VU70) W5" 7530 7569 781.10 23996 

CROSS-BORDER 

EuccracA 10DC6/10SB 157496 15G&41 1551.65 157*85 25096 

EmTbvIWHWSO) 140492 139198 139052 141039 2/2/96 

'S*MsSin2»9 M 37110 37458 38252 19996 

mtogtoapnisa IBtOfl 1S694 1S7.6B MU2 50/96 


117*03 13/395 
87006 13/395 


4751.19 476804 477506 7011/48 5/195 *30337 14995 

132107 133396 133007 14720 * 10/795 113 UB 1 G/ 39 S 

2464*30 23/195 


99821 23/195 

122241 13095 
111731 9/395 
26207 23/195 
117.13 10/395 


Fab £3 

Dow Janes kid Dtv. YWd £13 

Feb 21 

SAP bid. Dfv. yield 1.88 

S & P Ind. P/E ratio 1900 

■ NEW YORK ACTIVE STOCKS 

Fab 18 Feb 9 Yea- age 

2.16 £13 £89 

Fab 14 Fab 7 Year ago 

1.87 1.88 2J36 

20.07 18.86 1957 

■ TRADING! ACm/mr 

Tuesday 

Stoefte i 

Dose 

Owiga 

• Vobtne (mated) 




rated 

pace 

on day 


W> 27 1 

Feb 25 1 

Feb 23 


22342.400 



New Ymfc SE 

434.78 

395.179 

439.133 


9 , 650,100 

33 % 

- 3 <* 

Amat 

23.92 

21.147 

21.738 

EMC 

5071300 

21 'i 

+ 1 S 

NASOAO 

527.445 W W4 

SH 3 B 

HP 

5 . 609 J 00 

m, 

■Vi 

NYSE 




US W. Mad 

5.456000 

21 >41 

•H 

Issues Traded 

3,111 

3069 

3.117 

AT & T 

4 , 983.100 

64 

- 1 % 

Fto 

995 

790 

1,104 

m 

4,610000 

12811 

+ 3 % 

Fais 

1037 

1010 

1253 

Font MoOr 

4000500 

31 b 

+H 

(Aetangad 

779 

599 

750 

W 3 M 4 mt 

4.071000 

214 * 


New M(Rs 

88 

124 

208 

T« de Mu 

£ 27£400 

31 % 


New limb 

33 

25 

18 


Open L 

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High 

Lew Est vol.Open Ira. 



40 

163 

145 

118 

500 

. 242 
1012 
370 

412m 


- £G2 2.02 — 70 Kirtfik 
20^15 46 *.2 S7 _ T 

■” P \Uii4Z0 fsr 

-- 305 £ 30 4 4 ... 

+ 03 13.04 1016 6 0 140 

IS ;!fj NORTH AMERICA 

£48 1.44 10 
3.B7 £74 24 
£34 7.75 BO 


.. 510 202 . 
-6 356 193 1 7 
•8 62 50 2650 10 
+2 200 7550 
-3 178 99 24 

-2 147 68 60 . 
-B SK MID 
. 366 136 
-61.768 1.1B8 - 
■34 446 338 .- 
-8 430 181 20 


- MidWIt 
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5£S0 -0G 5900 30-35 1.1 
3550 -.50 40 20 £3 

i -05 ....106 060 ... 

1825 .... 3650 11 50 16.7 

560 — 35 650 £50 1.3 
123 —3-50 133 7050 0 3 

4 60 -.05 6.60 £60 4.3 
-1 63 38.50 40 

-.75 43 23 .. 

-2b 11 80 8 5.1 

-10 12 525 — 

... 170 118 1.1 
-50 28 15-50 £9 

— 36 21 5.7 

_ 37 20.75 3 1 

. 62 27 108 

._ 13-20 805 1.7 

+.151500 1106 10 
-1 144 BO 1.7 

... 605 *75 .... 
_ 48 27 D.8 

— 18 75 8.d0 114 

— 4100 2200 £2 


+.16 ___ 

-1 101 54 £1 

-00 38-50 24 . , 

— 5800 3706 ... 
-1 8800 27.76 5.8 

-J5 GO 3200 36 
-.15 8 3.60 . . 

I6B3.73 £2 
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- 75 2800 1886 _. 
., 1500 £25 £7 
-2 11 * — 

+00 07 W 
-3 79 

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.... 650 4.50 7 4 
-T 111 84 £3 

- 50 4500 1875 3.1 
+.73 40 75 24.25 10 

— 27 16.75 10 

.... 110 60 £3 

-05 7600 42 £4 

+.75 37 2605 20 

— 14.75 9.75 ... 

— 16.75 1205 _ 

-1 91 5* 10 

-05 3016XS0 1r4 

+1 1*5 88 1.1 



78 
13 10 
87 0.9 
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a £8 


ay .. 

£90 4 4 161 
4J0 0-1 ... 


j TORONTO (Feb 28/ Can S) 

t! 4 pmetasa 


UP BOO 


Change )%gh- Low EsL wf.Opon hit 


+24J) 

♦24.0 


2003.0 

20T1J) 


.1997,0 

1994/5 


28.179 

li9S2 


18,725 

3&327 


Mar 1505.00 
■ SCNFFEX 


Open Sett Pries Change High Low Est voL Open lrit 
“16OB0O +1IL00 151500 1465.00 1M17 21,772 


Mar 847.40 654 DO +6.40 G540O 

Jim 65720 559.00 +5^0 660.00 

Open Sett price Change High 

■ Wkhoiass 


951.10 so.441 leases 

657.20 6.601 3M» 

Low Eat. vd. Open ret 


is 

SmmHw 893 
gooDm a« 




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476840 AHHDl 
^«s 319 £6 - 12imww 

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•03 4 15 £5* 42 ... «as Bffl A 

+ 14 7 05 500 4.7 *42705 8LUM 

— #10 400 30 ... SSbtS 

Is tJS w ~ 533 a 

♦ xn 870 510 - 158403 Braifx 

+ 336 £83 70210 17^ 

-01 £16 150 ... 50 ltSOBSir^- 



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19% *% 20% 17% 
31% +% 33% Mi 

1 77 +08 

‘ 711 , . 

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-ti | | T 

01 kr 7J0 0170 Ran 24 hoa KKN 
SO H Id Ot »1 7HI 3R2Z > ertkq kn HM 
IK <M +4* 1(1 Tin DIO er te *4* IBi 7TB MS 


Jan 

Feb 


3330.0 

3338/3 


3371.0 

3364.0 


+55.0 

+32.0 


-•v'. ^ . * v -. 


-f S— f zt 
*' J ' 


3470.0 2483 JQ +3&0 2-133.0 24B7.0 26*332 

^1 W.SSfwffiStai 4OT& toStoip BwSwal « WMR 

“•totrt 4 Torereo. (o) Ctowd. (u) UmMable. ! IBSWX aHerAteis todwc F«b Z8 • 246B96 +S706. 


3373J 

33504) 


3330.0 

33309 


ansa 

45 


17^07 

2J11 


Mar 20120.0 199T0J) -T00.0 202110 19890.0 34.838 121.848 

Jin 20100X1 19990.0 -GO 30200.0 199300 30.833 131.066 

Open nana figures kr previous rew- 


■ TOKYO- MOST ACTTVt STOdCfc Wednesday. February 28. 1996 


t Correction. • i%k?o»wn n 1500 OUT. • &du0ng bwd*. 4 Musnte. plus UUues. finereol and Transponabon 
A Tlw Dtf km moex itreatecrt day'a l*Bha md Umb ■» fl» averages of me hfgteet end trees picas reached dwtog pre oay Iri each 
node «tera» the acute de/e refills and tows puppted by Tekstort) represent die ws/** «J towea >aiu» «i« ttw ha reached 

d*ttig me (toy. (The (grew m uredwta ere t»»«us tby'D- ¥ SuE»w to oMaal reerteuitew 


Shinto Beet 

Stocks 

Traded 

3 . 4 m 

Closing 

Prioe* 

718 

Change 

Oft <tejr 
+02 

Mhai±teN Hvy 

Stocks 

Traded 

& 5 m 

Ctortng 

Prices 

847 

Chongs 

on rtey 
-2 

NKKCorp 

7 . 1 m 

284 

-5 

Toshiba Corp 

5 . 0 m 

814 

-3 

NbsskJ Hse hid 

6 . 3 m 

541 

-23 

Sumitomo Mil Ind 

4 ^m 

301 


Sr»n Cross Cp 

62 m 

550 

-77 

Nippon SU Corp 

4 . 4 m 

339 

+2 

Pacfflc Metals 

50 m 

630 

-5 

Isuzu Motors — — 

4 Jm 

555 

+9 





30 


FINANCIAL TIMES THURSDAY FEBRUARY 2* 1996 



4pmctseF&maty28 


NEW YORK STOCK EXCHANGE COMPOSITE 


«*2 t% 

-i% 


Wm 
cm pm 

Hgfc Iot (MOT M 

D4B 24 24 1032 ZO 19% £0 

IOC 24 22 3555 43% 

34 5555 88% 

200 43 31 041 47% 46 47 +% 

OK 24 1917060 41% 40% 41% 

040 20 7 ISIS 14% H 14% 

0.70 24 15 82 29% 29% 29% 

39 14% 14% 14% 

195 47% 46% 47% 

448 b 8% 9% 9% 

14 7% 

2SB 7% 
m 9 
191 9% 

106 10% IB 


TO. ft SB 

U* IBM D» % E 100a 

8 % 12 %AW 
«% 35 MP 
88% 53% AMR 
50% 36%A5Ax 
44% 30% NOIL 
18% IZMBMPix 
29% 21A8MW 
17% 13%A£ptxeh 
50% 21% ACE Ltd 
8% 9%MaiGnb 
7% 0.66 &7 

7% 5%«MB4Sp 0.78105 
8% 7%MH6riSa 080101) 

8% 7%Aonm a* as 
29% 10% neaeon 052 27 

35% B%Ae»act 56 194 7 .... . 

34% 23% ABWB 172 26 15 £0 28% 28% 28% 

16% 10% MM) 45 332 14% 14% 14% 

19% <5%Mm&srx 139 1.8 0 170 18% 18% 19% 


10 

156 12 11 
190 92 8 



*k 


«-% 


38% 16%M*Hc 6 7008 20% 18% 18% 

10% SMtHtty) 116 1J 8 806 9% 3% 9% 

27% 10% Mw he 0.10 05 23 456 21% 21% 21% +% 

40% 24.80 flagon 128 10 IS 51 43% 43% 43% -% 

5% 3%/terfh 9 780 5% 5 5 

76% 46%MHL 176 19 34 «26 72% 71% 71% 

49%31%«bEi 052 1.1 14 2935 49% 48% 48% 

26% 16 Atman 088 34 7 8487 23% 22% 22% 

59% 43% ttftC UM 20 18 3453 S*% 53% 53% 

29% 18%Mtfl8Fflx 130 1.1 26 918 28% 27% 27% 

37% 19% taps he 31 470 36% 35% 36% 

18 13% A4M88 10011^ 12 22 17% 17% 17% 

3S>b 24 JUrTtt 11810250 S3 32 32% 

21% 13% Atoka ta 120 05 16 153ZU2l% 21% 21% 

26% l7%Afc*iyM 040 11 13 341 19% 19% 19% 

20 12% MHl 022 1.1 10 668 13% 18% 19% 

38% 2S%A8lOB 136 1.0 Ifl 197 38% 2S% 35% 

30 23AIMWA 036 1.1 16 480 33% 32% 33 

37% 27% AM*) 052 14 20 5888u37% 38% 36% 
36%23%«cnAI> Qj50 20 12 BOSS 30% 2B% 30 

49 31 AtoOStX 056 12S3 2912 v4S 48 48% 

60% 29% AtaAOMi OiO 15 8 332 51% 50% 50% -1% 

28% IBAbiAlx 0.10 15 13 1406 19% 19 19% ►% 

23 16% ABegh Lud 1 052 18 11 S902 18% 18% 18% *% 


J a%««p 

39% 18%AtaiCai 
38% 25%4flwganx 
24% 15% Macs Cap 
11% 8%AZnoe9 
34% 23% AldMXi 
56% 33% AW9QX 
10% 9% AAnerx 
46 23% Atatex 
35% ZJ% AfcdCTO* 

8% 4%WKXXB 
27% 16%/UptBnraM 
' 39% 23% Atarax 
60% 36% Aim 
34% 18% AteaC* A 
7% 5% AmGarAc 
14% 7%A/nPitrt 
9% 4% Amaxfid 
22% 16% ArneadM 
55% 43% AndaHs 
47% 36% Anftnfl 
28% 13% AoBueM 
7% 6% An Cm Ik 
20% 18% Am Op 64 
21-% IB Art Cop Ol 
44% 31% Arem» 

47% 28% Arafapr 
3B% 27%AaGsd 
6% 4% Am Goti ki 
23% 17% Am Ml Pr 
23% 16% Am Hertye 
104% 81% Man 
3% 2% AmHotefc 
64 taka 

7% 5% Am Opp he 056117 
31% ZO% Am Preocx 040 IS 


1 68 5.7 14 1122 29% 22% 29*2 +% 

020 1.1 15 669 16 18% 19 

0.46 10 35 908 38% 37% 37% 

152 74 13 246 024% 24% 24% 

118 1 6 37 11% 11% 11% 

1 46 4.4 10 22 33 32% 33 

090 15 IB 9551166% 55 55% 

084 8.0 70 10% 10% 10% 

078 1 4 1241015 45% 43% 43% 

144 11 17 3744 34 33 33% 

141 1197 4% 84% 4% 

0.18 075)7 278 25% 24% 25% 

7)0542 38% 35% 35% 

090 1.6 12 5007 55% 54% 54% 

37 3083 33% 33% 33% 

072 12.0 877 8% 6 G 

076 12 17 19 12% 12 12 

008 1 0 21 1439 7% 7% 7% 

056 3.1 8 66 18% 17% 17% 

050 12 12 1328 52% 51% 52 

100 4.4 IS 1807 46% 45% 45% 

058 24 15 328 23% 22% 23% 

054 9 0 87 7% 7% 7% 

154 78 34 33 19% 19% 19% 

186 63 0 45 21% 21% 21% 

240 Si IS 3729 44 43% 43% 

090 20 1413576 47% 45% 46 

180 3.6 13 1591 36% 38% 36% 
082118 759 5% 5% 5% 

2jE 66 i; Z73 23% 23% 23% 

072 3.3 II 44 22% 21% 22% 

388 31 IS 4572 102 86% 98% 

075 27.3 13 4 ?% d2% 2% 

034 03 IB 7195 100% 98% 98% 

417 5% 5% 5% 

6 1717 21% 20% 21% 

A ‘ 


3 

*% 

A 

X 

X 


X 


9% 8% Am TOP Es 044 4.8 6 705 9% 9% 9% 

30% 23% AroStor 055 18 12 1650 29% 28% 29 

21% 17taW» 125 62 1 2D 20 20 

40% 26% Am Wafr 1.40 16 14 219 39% 38% 38% 

180 3.1 14 451 33 32% 32% 

52 556 29*4 28% 29% 

112 3.7 15 (961 58% 57% 57% 

188 13 12 130 109 38% 39 

084 1 4 12 236 17% 15% 16% 

140 38 IS 6438 10% 69% 89% 

010 09 11 109 10% 10% 10% 

0.12 07 73 682 18% 18% 16% 

150 48 13 335 39% 39% 39% 

030 OSIS2 3121 u55% 54% 55 

34 4234 28% 27% 27% 

035 43 17 86 22% 22% 22% 

1.7G 2.6 Z7 4383 69% 67% 68 

26 605 19% 18 19% 

044 2J> 21 672 22 21% 22 

188 26 15 3078 53% 52% S3 

088 1.1 63 348 26% 26% 26% 

~ 9% 9% 9% 

26 24% a 


34% 34% AmFta 
32 !9%taSM 
66% 39% Armen 
39 29% Attain he 
19% 1S%AmeM 
72% 56%Amm 
11% 7% AmpcefW 
21% 3%Amrahc 
41% 25% AmwOI 
55% 3S%AitabAO 
30% 13% Mag 
27% 18% AngaSes 
71% 50% AflBxti 
22 1 6% tarter 
23*4 15% Anhoay In 
55% 31% AnnCp 
3) 22% ApxtnOp 
8% 8% Acer Met F 1 Q63 67 
30% 18% APH 18 1207 


19% 2%AppMMftl 16 1172 16% 15% 15% 

35% 22% Aft* A* A 012 0 4 15 29 30% 30% 30% 

20 14% ACB0n 020 1.0 1312156 18% 19% 19% 

52% 41% AraQlemt 280 5.5 B 196 51% 51 51% 

50% 41% Arnco XJ* 480 98 15 48% 48 46% 

7% 5% Aimeo 48 907 5% 5% 5% 

26% ZOAMDllPi 210 88 1« 24 23% 24 

64% 38% AmsiW 144 28 121473 59% 58% 56% 

59% 35% Arrow a* 11 2964 49% 46% 48% 

6% 3% ArkaGip 0 50 E% 6 6% 

24% 1B% Anln hd ITS 38 25 206 22% 21% 22 

36% 23% Aaarro 080 27 7 2*31 30 29% 29% 

30% 20%AiMaCMl 048 28 ID 62 22% 22% 22% 

39% 30% AMS x 1.10 29 42 1287 37% 37% 37% 

17% 11% AaaPar F QJM 03 352 15 14% 14% 

3% 1% Asset ttnr 086115 5 120 3% 3 3% 

Ga% 47% Alar 18 2 217in6072 65% 63% 64 

aa% 242 ASfllcJi 2 1 280 1.1 1 264 263% 263% - . 

20% I5AMBGasx 186 58 17 664 18% 18 18% +% 

14% 5%AUateSos 02B 24 10 108 12 11% 11% 


+% 

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4 

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♦% 

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20% 17% AMcEgjr 
118% 10 ‘ “ 


154 88 16 1069 19 18% 18% 

. 00%«ttx 550 50 134389111% 110110% 

2% l%«te 1 92 1% 1% 1% 

23 I6%Mn»Enari 086 4.2 16 139 22% 22% 22% 

24% 14% Augel 016 09 14 315 IB 17% 17% 

8% 7% Audita Fd a03 03 239 9% 8% 8% 

040 1.0 27 3567 40% 40 40 

26 7273 26% 26 26 

0.48 21 17 143 15% 15% 15% 

0-04 0.6 0 840 7% 7% 7% 


I Audita Fd 
43% 28% Atetata 
30% 22Ma2m 
16% 14% Arena) 
10% 5% Aalal 
55% 35% nm 
87 54 AaanPtx 
19% 11% A)hhCVp 
10% 5%A3B 


080 18 13 3616 40% 47% 49 ♦!% 

220 2.7 IB 1069 63% 00% 80% -1% 
15 20 13% 13% 13% *% 
55 1005 7% 7% 7% 


36% 29 BCE 

12% 6% BET ADR 
8% 3% Borneo 
18% 13%BtarTOn 
27% 16%B*aM 

S I 7% Bakin Be 
25%BaKpi 
18% 10% BUD 
16% GBaty 
28ij 22 Bats: 
40% 25% BdcOih 
40% 23% BancoBI V 
12% 0% BCH 
37% 24% 

65% 48 

73% 38% 

85 74 

H%a% 

47% 40% * Boon P 
55% 28% BoMff 
51 42 Bomb A 

95% 71% BBMmB 
72 49% S07TO 
51 SEBctajs 
37% a% Bod (C H) 



172 73 19 700 34% 34% 34% 

027 23 10 1056 12% 12% 12% 

020 23 9 IBS 7 6% 6% 

040 22154 ai 16% 18la 16% 

0A6 18 35 2945 26% 26% ffi% 

038 1.7 19 311 21% 21% 21% 

080 13280 2222 31 29% 30% 

006 05 21 445 16% 10% 16% 

13 4001016% 15*4 15% 

186 5.4 IX 4004 29% 2B% 2B% 

136 33 12 9816 35% 35% 35% 

1.13 23 13 61 39% 38% 38% 

038 32 8 5 11% 11% 11% 

X 1.12 33 12 £53 35% 36 35% . 

030 13 13 300 53% 51% 51% -1% 

134 23 11 11805 u73% 72 72 -% 

548 67 1 82 82 82 +1 

1.48 3.0 10 4639 49% 48% 40 +% 

300 03 3 45% 45 45% *% 

130 3.1 11 907B 53% 51% 51% 

335 09 11 47% 47 47% 

500 63 8 88% 88% 68% 

430 63 32 4638 65% 64% 65 

134 12 9 35 48 47% 47% 

034 1.8 23 1085 36% 38% 38% 


45% 35 Baras &p» 130 4.1 10 181 43% 43% 43% 


63% 38% tanBk 

g 19%0n*fid 
7 A Ban**} 
12% 7% BOMt 
44% 30% Bsncft 
48% 26% Bauer 
29% 22% Bay 8t Gas 
43% 27 CBN 

22% 18 00 17 1838 

8% 6% BEAhCfd 
9% 8% Baa Skal 
25% I5%am8km 
44% 40% BamSHA 
' 12 % 


138 10 II 1614 uG3% 82% 82% 

0.12 0.4 3914074 30% 30% 30% 

19 174 15% 15% 15% 

0.05 00153 4021 10% 10% 10% 

1.04 17 41 510 38% 38% 38% 

1.13 23 1914040 *46% *5% 46 

130 13 14 38 28% 20% 

11 3117 34% 31% 

1.64 73 23 22% 22% 

0.72 03 104 u8% 8% 

0BT BE 24 uS% 9% 9% 

060 14 9 5000025% 24 24% 

ire 60 37 «2 41% 41% 

036 11 15 116 27% 27 27% 

39% 26% BBdanmh 044 \2 21 435 37% 37% 37% 


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a 


BE OUR 
GUEST. 


CONRAD 
NT ER NATIONAL 


When you stay with us 
in ISTANBUL 
stay in touch - 

with your complimentary copy of the 


FT 


FINANCIAL TIMES 


«»g» 

ft *h am pm 

Ilk « E m m Lot ante Chao 

89% 48 8acW3 032 1.1 21 2558 84% 82% 82% -1 

7% 5%BdWmp 0.42 56 38 10 7% 7% 7% 

74% 46% BalAd 230 43 15 3827 67% 65% 95% 

25% 17% 9tf kl 040 1.6 10 62 21% 21% 21% 

45% 27 BeSm 1M 17 Z 8836 39% 39% 39 J 4 

37% Z7% Beta A i 032 03 22 1537 u37% 36% 37 

33% 23 Bert a72 2.3 19 1075 31% 30% 31% 

67 48%Bene(4.3Px 430 60 5 05 65 65 

55% 37Brtfx 138 33 19 8079 52% 52 32 

031 13 13 305 23% a% 23% 

0.04 53 37 3S % fj % 

DAB 20 14 Z332 24% 24% 34% 

B4 3 IHOQ 3550035800 *400 

140 4.1 17 677 8% B% 9% +% 

12 2324 17% IB% 16% 

ISO 00 28 27% 27% 77% 

UH 93 2 54 54 54 

040 23 11 3325 
148 14 17 657 

16 3150 12 11% 12 

0.10 05 €81621 20% 19% 20 

14 ESmtopn S 040 25 12 701 15% 15% 15% 

040 12 19 1555 34% 33% 34 

134 5-2 14 65 25% 25% 25% 

052 7.1 169 8% 8% 8% 

056 80 993 8% 6% 6% 

057 60 823 9 8% 8% 

138 3.7 3928241 37% 34% 35 

044 1.4 11 150 30% 30% 30% 

016 20 51 8% B 8% 

005 OS 2B 295 23% 22% 23 

100 12 70 7607 82% ®% 00% 

060 1.6 6 2292 37^ 36% 36% 

15 822 6% 6 6 

056465 3 732 13% 0% 13% 

15(5 03 2 B 23% 23% 23% 

14625963 48% 44% 48% *5% 


24% 16 BenSon A 
% %teviatB 

20% 18% BogBr 
3S80D3J1M OertN 
8% Bent Mr 
12 Best Buj 
28% 24%B«ttSIZ. 
55%48%Basmn 
ib% 12% eaosi 

46%38%BttL 
18% 9%BnM 
22 % I2%fikndt 
22% 

38% 23 BObcA 

26% 1 9% Back H PL 
9% 7%BWMkA0x 
7% 8%Behd«K 
8% 8% BUodiTgt 
48% 31% Block 
31% 25BoaatA 
8% ask* cap 
25% 7.71 BMC W 
84% 4*% eoekig 
47% 28% BOfeaC 
10% Brxrtaej Co 
25% 12% ftuto CHa 
28% 19%BodnCfl8 
51% )6%B0SSd 
54% 26% Bowk 
30% 17% Brad FW 

38%2S%BBEPnp 
29 IBBreedTach 
44% 32% BrfgStx 
20% 11%ftX*abt 
90% 57 %BM|Sq 
60% 56% BrAt 
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32% -1% 

a% -% 
32% •% 
10% 

8% 

45% A 


ua On 005 3727877 30% 
MS Carii 16 32 16% 
Itetax OX 7 03 12% 

Ltodga 534098 45% 

UvaSrp 038 12 965 23% 


fctal Bn 
ftaemOp 
UarinaDr 
uaduicp 

KasMto 


IB 479 14 

4 IX 13% 
75X19 u7% 
14 6 u9i 

IS* ITS 9% 


KM&*A044 II 18 13 

KgMx 066 12 353 25 

80 1 29 10% 
UaM W 51 2878 40% 

tfcMbft 048 10 a 18% 
McGanfe 056 352713 23% 
MrdMtoC 016 49 23 12% 
itofeitae 024 11 « 7% 

ilaamCp 010 31 2934 27% 
Ua«G 024 183846 14 

MncAB 092 12 210 27% 
Menariat 4 70S 20% 
UeitayG 098 14 499 47% 
Uerkfen UB 11S1SB 5 2% 
Mata 85430 A 

Mesa Air 27 6747 11% 

MeftadaA 016 18 1X1 14% 
MF3CB 143131 63*2 
McWF 020 13 164 12% 
Manage 142 490. 10 

MJaocatn 42B899u3l% 

Ulctatt 571013 lA 
Mica* 0 52S 2% 

Mktett 3335275 IX 
Mid ADM 18 19 21% 

WduAaln 050 32 IX 12% 
MOarHx 052 672394 32% 
Ittn 94 37% 

MtatoCh 010 22 235 17% 
MotfcTto 1210608 15% 
Modem Co 024 1 9 5 10% 

MoetaaUfxOX 10 604 24 

Mata 0X 24 638 34 

Mom he OX 25 10X X 
Mason CLD4 60 157 8% 
McsneeP 0X 14 422u2B% 
UTSSys 0X12 X 33% 
UYCogan 22 683 lA 


NttBa 020 9 26 X% 

NesaRKbxQ72 10 101 17% 
NaCnmpt 036 20 139 19% 
KtrsSm OX 31 485 31% 
NKtaar OX IB 3 17% 
«C 046 45 101 59% 
neater BHIB81 67% 
ftassa 7 849 A 

Neccapi 32885 54% 

*ez»*a*i 371636 42% 

Netangan X 1088 33*2 

Wen huge 1 290 2% 

Ntodgtofct X 843 49% 
Mewpritto OQ4 19 XO 9% 
KetafeA 128281 15% 
NDOtoU 546995 9% 
Hnrtsaax 072 2D 537 87% 
Ndssrex OX 2112547 44% 
ttxsail 14 73 25% 
NSorUa 127 X 7% 

NorilhTM 12* 14 1267 X% 
NWAIr 124555 44% 

Note* 1422028 12% 

Nweta 11 91X 55 

IfCn 13 1936 7% 
nsc core x 12 2% 


OCtotCN 

OdUCBto 

Odattsk 

OBsbttlp 

Dgtabayi 

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OM tte® 

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One Price 

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OniliSdpp 

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OSBP 

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ottittir 

OtaaB ‘ 

CBWHBB 


10 432 13 

282878 39% 

11 84 A 
18 !» 12 % 

IX 6 16b4Q% 
OX 20 372 37% 
IX 12 936 40% 
CUB 15 579 33% 
120 11 1031 34*4 
* 678 4% 
4830068 54% 
881419 13% 
OX 11 354 12% 
171170027% 
031 76 5S1 17 

5 184 6% 
9 684 2H 
028 17 296 15% 
0X14 88 15% 
1.76 15 173 37% 
643783 84% 


-p- a- 

Pau» 1J0 7 1063 48% 47% 47% ■% 
PscCtortcp 064 11 422 A 9% A -% 
PBaKre • a 1058 94% 91ft x% -1% 
Paranwit 523978 73% 72 73ft -1}I 

PayS** OX X 1624 X X X -1% 

PaycaAni 14 168 7% 7% 755 -.30 

Peertoa 0X 49 8 A A A A 

Pam lily 10 43 17 1 A lA -»• 

PwxiVtrgx IX 11 Xo35% 34% B% A 
tad* OX 13 1143 27% 26% 26% A 
*8 S3 2ft 2ft 2ft A 
Pemeslxax 18 284 21% «6 19 -1% 
PBOlfesH 084 10 749 21% 21% 21% A 
parriga xl4innA U% 14% -1 

PntaigLD 6 274 A A A A 
Pe— 1.12 49 34 28% 26% Z7 +% 
PtowuTa . 21 ISM 13% lA lA 

PhysCpan 281063 17 lA lA A 

Ptxasa OABig 3 A A A 
Pkaxrate XB 122 3A 37 37 J 2 
PtotoTOh . . 14 462 18% lA lA A 

PW*u»x4U0X 341 29% X X A 

PloneerH OX 25 7 X 54% 54% A 

PkhflBS .012 12 2670 13% 13% «% -% 

MW 631073 25*2 24% 25 A 

Pnesbk OX. j 4 IA *3% 13% A 

Pw*> 18 IK lA IA lA 

P«C*S 3 4K 2 IB iJi ft 

PlsaUb OX 62023 A 8% 9 

M5 3431 107*2100% 101 *2 A 
P"®» 34 7209 17% 17 17% A 

PridePM 18 3104 11% 11 11% A 

Pitafirt 13 737 19% 18% lA A 

prodtta flax 9 31% 31% 31% +% 

p ** 265864 23*2 23 23% +53 

OLT Photo .• 16 312 IA 11X12% A 
Oiafcaam 068 18 32 14% ,*% A 

Qutoaxnh 7023444 43 « 40% -2% 

OialFoad <U0 17 igy 22% zi% 22% A 
ao®" . 1611453 17% 17% 17*2 

Qutah 20 20® 29% 29 29% A 


tafhow 

Itay, 

Raymond 

RCSBRn 

JtoadJBh 

Raaogen 

HesiaMed 

Fteoend 

Heotere 

fbwFsi 

taxfoCror 

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mi he. 

RyanFmty 


- R- 

1B 779 23% 2A 

0 4 25 1 % ifi 

10 1651 1 A 19 

048 10 1444 23% 23 

527297 18% 17% 
17S08E 21% 19 

1 317 1U 1% 

25 174 22*2 22% 

25 1035 10 9% 

096 27 1580 65% 64% 
040 12 131 t£A 29% 
2031 1*% 13% 
012 10 447 4% d4% 
062 18 1419 18% 1 A 
029 1611322 24 23% 

26 1876 36% 35 

048 17 3252 15% 15 

11 SSI 7% A 


23% -ft 
1% ft 
19% 

23% A 
IS A 
2i *1*2 
ift ft 
22% A 
A -% 

64% -% 

29*4 -% 
14% A 
4% *% 
10% ft 
23% 

3S% A 


X)i2S% A 
16% 16% A 
12% 12% A 
43% 44 *% 

22% 23 A 

lA IA A 

12*2 13% A 
6% 68 -A 

90 90 -1 

A 9% 

12% 13 A 
24% 24% A 
9% 9% A 
39*2 39% A 
18 18 A 
22% 23*2 -% 

12 12 % A 
7% 7% A 
26*2 26*2 A 
13% 14 ft 

27 27 A 
19% X A 
46 46% A 
51% 52 -13 

2% 2% -ft 
11% 11% A 

14% 14% A 
62% 83% A 
12 12 A 
A 10 «% 

30% 30% -1 

13*2 13*a A 
2*2 2*2 A 
99% 100% A 
20 % 21 % -% 
12ft 12*2 A 
32% 32% A 
37*2 37% A 
17% 17% A 
14% *4% 

10 % 10 % 

23 73*2 A 
33 33% -ft 
34% 34% A 
7% 7% A 
23 28% ft 
K 33 A 
18% 19% A 


33H33H 
17 17 -ft 
10 19*2 A 
SO 30 A 
17% 17% A 
59% 39% A 
85% 66% -1 

5% 5ft ft 
<7% 51*2 -2% 
40% 41 A 
31% 32% +% 
2% 2% 

47% 47% A 

8% 8% A 

15% 15% A 
A 9% A 
X 57*2 +1 
43% 44% +% 
25% 25% A 
7% 7% 

52% 53 

43% 43% A 

12*2 12% A 

53 53% A 
A 7% A 
2 2 


12 13 ♦% 

37% 38% A 

B A 

12*2 J?% A 

39*2 39% A 
37% 37% 

39% 40ft ft 
33 S3 A 
33% 33*2 -ft 
AAA 

52*z 52% ft 

13 13 A 

11% 12% A 

25% 25% -1% 

16% 16% A 
*% A 
2% 2B ft 

14% 15% A 
14% 15% A 
36% 37*2 A 
82% 83*4 +1*2 


- s - 

Sateca im 11 2874 37% 
SaachHffi X 11 37% 
Sandoson OX 17 153 11% 
SctombpA 038 17 556 23% 
SdSfson 17 4764 39 

Betas 6 712 5% 

SetotCp 052 X 3068 16% 
Scare Bn) 11 142 4% 
5eafie« IX 30 11Q 35% 
SB Cp OX 22 520 23*2 
S&MsB 036 43 713 3% 
Setedhs 1.12 9 88 37% 
Sequent 11 5397 12% 

SftQuoia 10 944 4% 

SenrTHh 18 371 A 
Several) j 0 22 10 :100 15% 
StoMad 064 33 1772 56% 
Shanwood 12 145 14% 
StKMttzP 812 425 15% 
Sterra On 44 5828 38*2 
SigmAlx 044 22 3S57u58% 
StomaDei 4 2674 1 1 % 

S&eriVBc 006 11 351 22% 
S«enVG0 139805 25% 
ShiBSQD 040 10 326 9% 
Snt&nEnvT 9 225 A 
Snetnfid 57 350 27% 
SoowareP 1 414 3ft 
SouDbtk OX 11 440 26% 

Spit-tt* 0X1082346 9% 
Spnfeas B411934 25*2 
St JudeMd 040 3018482 38% 
StPaaBc 040 13 1291 25% 
SfcySI 1 5 ft 

Staphs 45 B643 27 

Stanucks 4615340 17% 
StdMkro X 472 16% 
StdRegb 036 13 308 23% 
Start Tec OX 10 IBB 12 
SkNyUSA OX 1 383 2% 
Stmt 8 370 10 

SbawbrO 1.10136 404 2E% 
SpudtDy 1X5431 31% 
Sbytor 009 301380 55 

SuhanD 14 102 11% 

SunttmoB OX 2 X 25% 
Suinak Be aOJ4 162269 34% 
SunrettTa 97 3396 32*2 
Sal Sport B IB 2% 
Suite 2345220 55% 
Sultan Rs 250 88 13 

Swft7n 21 440 19% 
Sytamtac 12347B0 34% 
Synmfac 1810851 13% 
Synaloy 032 9 323 19% 
Syudc 5* 2791)30% 

SysanSoO 010 X7204 22% 
Syattn&Q) IX 834 19 

SyaBiiwd X lMffi 5% 


36)5 365: -% 
37 37% *% 
10 % 10 % -% 
22% 22% -% 
36% 30% -ft 

4)3 &% A 

15% 16% *% 
*h 4% 

34*2 35*4 A 

a 23% A 
2% Sft 
36% 36% A 
12 12% ft 
4 4ft 

5% 5% -% 
15% 16% 

55*8 56 -ft 

14% 14% -% 

16% 16% A 

36% X -1ft 
55% 50% -2% 
10% 11% A 
21% 22ft -ft 
24*2 2A -ft 
9% 9% 
d3% 3% A 
27% 27% A 
2% 3 

X X 
9% 9% -ft 
22% 23% -1% 
36% 37*2 -1 

2A 2«5t ft 
ft ft 

26% 26*b 
18% 16% *% 
15% 15% A 

2% 22% A 
11% H% 

2% 2% 

17*2 17*2 A 
X X A 
29% 30% -% 
53% 54% -% 

11% 11% A 

75 S% 

34 34% -% 
30% 30% -1% 
2% 2% 

53 53% -1% 
12 12*2 -% 
10% IBM -% 
33 33% A 
12 % 12 % A 

10% 19% *1 
30% 30% A 
2 D *2 22 - 1 % 

18 10% -% 
A A 


T-CalSc 

T.rowoPr 

TBCCp 

TO* Cat* 

TClGpA 

TechDato 

Taonwb 

Ttaec 

TrtcoSys 

Tent* 

TeM» 

Tetan Cp 
Taira Tac 
TwaPhADR 
Tina Com 

71 

TJlnt 
Tadd-M 
Totae Med 
Tokyo Mar 
Tom Brum 
Tapps Co 
TPIEfW 

Transwrid 

Transcend 

Trenatok 

Trimble 

TntavBn 

TrwicoBkE 

JianoUb 

TysFOA 


-T-. 

4 810 3*8 
004 21 1043 54*2 
910454 0% 
050 X 1510 BM% 
10024050 21% 
321159 lA 
130 B 24 53% 
25 868 13% 
X 191 lA 
41449 5 

35 7834 47% 
001 29 3551 23% 
T813X 13% 
OlO 30 2202 43% 
4544440 49% 
14 142 7% 
022 32 686 16% 
0X21 25 A 
14 776 9% 
04Q 21 4 81% 

45 2S 14% 
0X 281130 4{| 
8 533 2% 
1 48 3 

X 418 5% 
1.12 121147 51% 
X 1298 20% 
1715X A 
1.10 14 X 21% 
020337 55 9 10% 
012 15 6394 2 4 


USHttcr 

UnBab 

UOdee&sx 

Unfed St 

IMtng 

Unnrln 

JS Banff 

US £awgy 
US Sends 
US Tat 
USTCnp 
Utah Mad 
UMTrtev 
U*t 

UUNerTec 


-u- 

1.00 19 8X1 49% 
18 996 2ft 
1JJ2 19 9T 17 
040 67 37 22% 

OlO 19 5 23% 

2J0 13 59 49% 
1.12 14 8265 31% 
64 755 1 8% 
8 31 A 
WO 8 242 47 

1.12 17 130 14% 

X 1819 21% 
050 23 X 00% 
4 195 Ifi 
22013977 31 


3 3ft ft 
53% 54% A 

A 6% -% 

31ft 32*2 -1ft 
20% 21% A 
15 15% 

52% 53% -1% 

13 13% 

10 10 

A 4% -ft 
45% 45% -1% 
22% 23% -% 
13% 13*2 
43% 43% -% 
47% 47% -1% 
6% 0% 

15% 15% -% 
8% 8% 

0*2 9% A 
61% 61% 

14 14 A 

4H 4)2 

2!i 2% 

2% 2% A 
5% A A 

50% 51% +% 

azA A 

G A — % 

21% 21% A 

9% 70% -% 
22% 22% -1% 


48% *8h A 
2ft 2ft 
16% 16% A 
22 % 22 % 

23M 23% -% 
49 49 A 
30% 30% A 
17% 17% -% 
A A A 

46 46% -% 
14% 14% 

21 % 21 % -% 
90% 90% A 

HI Hi -ft 

26 28% -3% 


- V- 

030 14 80 26% 26% 
133 740 23 22% 

10 34X lA 17% 
34 290 46% 45 

X1886 14% 13% 
72 23 11% 11% 
62 189 11 10% 

1112011 12% 12% 
039 810572 22% 21% 


X% -% 
22% A 


10% A 
12ft -ft 
21% A 


UtongUb 
Warner En 012 
Warmtedi 
wanstadA OX 
wauauPMOX 
WD-40 2-40 

Watt* 

WatamBnc OB2 

watPab 

WstpStA 

WMSaetA 

Wttattax IX 

WmaSonama 

WokhanLxQX 

Mvkfcon 
WPP «n 
wymaa-GdalMO 


-Vi - 

85268 24% 
IB 1109 34 

16 389 4 

12 110 19% 
27 951 22% 

18 137 48% 
5 1504 A 

14 X 46 
3 149 9% 
3 1827 19 

19 354 8% 

5 3033 54 

431902 14% 
IB 133 9% 
9511504 39% 
X XI X% 
35 1094 18 


22 % 22 % -1 
23% 23% -% 

03% 3% A 
18% 19% A 
21% 22% -% 
47% 48% -% 
2% 3 A 

45% 46 

9% 9*2 -% 
18% 19 -{J 
8% 8% A 
53 53% A 
14 14% +% 
9% 9% 

38% X A 
27% 27% A 
17*2 17% A 


-X-Y-Z- 

XUB 409900 45% 44% 45% A 

Sreaai 2 705 10% 10% 10% ♦% 

Kama Coro 29*23 A * A A 

Veto* 094 10 923 11%d11% 11% A 
YOricRSGh 22 209 8% A «% A 
SonsUBb T-W 13 X 74% 73% 74% -% 



32 

WORLD STOCK MARKETS 


FINANCIAL LIMES 


Thursday February 29 1996 


AMERICA 


EUROPE 


Equities in rebound on More all-time highs on $, recovery hopes 
recovery in long bonds 


Wall Street 


US shares rebounded from 
recent weakness in midsession 
trading as longer term bonds 
also recovered, unites Lisa 
Bransten m New York. 

At 1pm the Dow Jones 
Industrial Average was 37.5? 
stranger at 5,586.78, the Stan- 
dard & Poor's 500 had risen 6.43 
to 653.67 and the American 
Stock Exchange composite was 
3.41 higher at 567.27. Volume 
on the New York SE came to 
250m shares. 

Long-term bonds gained 
strength even though, the 
Labor Department reported 
that the consumer price index 
had risen 0.4 per cent in Janu- 
ary, slightly more than the 03 
per cent increase economists 
had expected. That data lent 
support to a growing consen- 
sus that the Federal Reserve 
would probably not lower 
interest rates again at next 
month's meeting of Its Open 
Market Committee. 

Cyclical shares, which gener- 
ally benefit the most from 
looser monetary policy, were 
not as strong as shares in con- 
sumer goods companies. 

The Morgan Stanley index of 
cyclical shares was ahead 0.6 
per cent while the counterpart 
index of consumer shares was 


LI per cent stronger. ' 

Technology issues showed, 
particular strength, with to* 
Nasdaq composite gaining " ^ 
at U14.12. The Pacific Stock 
Exchange technology indefc' 
was nearly 1 per cent higher as 
strength in large issues onset 
some weakness in Internet’ 
related companies. In early 
afternoon trading, the Am? n ' 

can Stock Exchange/Interac- 
tive Week index of Internet 
shares was off 0.2 per cent. 

Microsoft and Intel, the two 
largest companies on the Nas- 
daq. added $l s /» at $101 3 « and SI 
at $61% respectively. Mean- 
while, Netscape Communica- 
tions and Spyglass, two Inter 1 
net software makers, were 
both weaker. Netscape fell S2* 
or 5 per cent to $51% and Spy- 
glass was off $lVi or 5 per cent 
at $23 Vi. 

UUNET Technologies, which 
provides Internet services, 
slipped $3 or 9 per cent to $29 
after an analyst at Bear 
Stearns lowered the rating oh 
the company to “neutral” from 
"attractive". 

The Gap added £2 or 4 per 
cent at $54% after announcing 
that it would increase its divi- 
dend by 25 per cent and under- 
take a two-for-one stock split. 

Du Pont, which is a compo- 
nent of the Dow, appreciated 
$l?i or 2 per cent to SSO'i an 


hews that the US Department 
of Agriculture had approved a 
cotton plant which is geneti- 
cally engineered to tolerate the 
use of certain herbicides. 

Canada 

Toronto edged ahead in mid- 
day trade, helped by higher 
bond prices and a firm perfor- 
mance by the banking sector 
in response to strong earnings 
reports. The TSE 300 composite 
index had gained 4.75 by noon 
at 4^59.02 in volume of 35.8m 
shares. 

Among Tuesday’s corporate 
reports, Bank of Montreal 
moved ahead C to C$32 and 
Bank of Nova Scotia was C$% 
higher at C$30%. Pallet Pallet 
picked up 10 cents to 73 cents 
on news that it would issue 
more than 2.8m common 
shares at C$1,434 a share to 
special warrant investors. 

SOUTH AFRICA 

Johannesburg was broadly 
weaker, with golds under pres- 
sure from the bullion price. 
Industrials were mixed but 
with the index pulled higher 
by gains in key stocks. The 
overall index declined 19.8 
to 6,703.0, industrials moved 
up 15.3 to 8,342.0 and golds 
surrendered 23.0 to 1,729.5. 


Strong demand for cyclical 
stocks helped Frankfurt and 
Stockholm to all-time highs. 

Morgan Stanley, overweight 
in Germany since the begin- 
ning of this year, confirmed 
that it had raised the weight- 
ing of German stocks in its 
model European portfolio from 
16 to 19 per cent this week, and 
doubled its Swedish weighting 
from 3 to 6 per cent. 

Mr Richard Davidson, Euro- 
pean equity strategist at Mor- 
gan Stanley in London, said 
the upgrades reflected his view 
that cyclical shares would out- 
perform this year as the mar- 
kets saw an improvement in 
the dollar, economic recovery 
in Europe and reflationary 
moves by cent ral banks. 

FRANKFURT'S Dax index 
closed 37.86 higher at an Ibis- 
indicated 2,486.95 on the dollar, 
firmer bunds and the Dow. 
Cyclicals such as Siemens, 
Daimler, BASF and Bayer led 
the volume char ts as turnover 
sailed up from DM7.7bn to 
DM9.9bn; but defensives had 
the best day in share price 
terms, with RWE. Kaufhof and 
Veba showing gains of 2.9, 2.8 
and 2.7 per cent respectively. 

The day’s black spot was GO- 
demeister, down DM41 or 28.7 
per cent at DM102. Ms Barbara 
Haas of Dillon Read said that 
the machine tool group, which 
forecast a tumround from loss 
to 1995 profits when it made a 

ASIA PACIFIC 


rights issue towards the end of 
last year, said late cm Tuesday 
that it would make a 1995 loss, 
after a ll 

STOCKHOLM, where the 
AfSrsvarlden index put on 8.7 
at L886.7, saw a slump rise in 
Asea, SKrl3 higher at SKr693, 
on better than expected 1995 
results for ABB and file fore- 
cast of a further profits 
increase this year. 

Volvo and Investor benefited 
from the renewed interest in 
cyclicals. Volvo added SKr4.50 
at SKrl47. and Investor SRrf-50 
at SKr25fL50. 

Ericsson turned back from a 
high of SKrlEA to close SKrl.50 
weaker at 5Krl48-50 as inves- 
tors digested the results from 
its competitor Nokia. A SKrl3 
fall to SKr273.50 in Pharm- 
acia & Upjohn was attributed 
to news that Biogen, the US 
drugs group, and Harvard Uni- 
versity intended to sue the 
company for breach of patent 
and were demanding damages 
of SKriSQm. 

HELSINKI moved from ela- 
tion to apprehension, Nokia A 
peaking 6.8 per cent higher at 
FM179 on results slightly 
below recent expectations, but 
ending 6.9 per cent lower at 
FM156 on a warning of lower 
profits in the first and second 
quarters of 1996. The Hex index 
declined UL24 to 1,825.43. 

PARIS liked the Chargeurs 
demerger and marked the 


FT-SE Actuaries Sha-'e indices. 


Feb 28 

Hourty gangs Open 1030 »■« 12J0 


THE EUROPEAN SERIES 
1100 14.00 15.00 Cm 


FT-SE Umax* 100 1570.45 156058 157930 157084 1571.12 157MB 15^79 1574JS 
FT-SE EurtMS* 200 1B5Q2 155305 1854.42 1655.13 165X71 16ST34 \GStX 1658-93 


f-eO 27 


Feb 26 


Feb 23 


Feb 22 


Feb 21 


FT-SE Emto* 100 1556.41 1551.65 1557.27 

FT-SE Enron** 230 1W3.14 164310 1SM3 1645.12 

bob nfaa wo WiMOfc k» ■ is*®: 200 - ie»« - i*b« 200 ■ 16Bm f ftrt- 


1321 

1630® 


stock up FFr137 or 12.6 per 
cent to FFr1,338.. There was a 

hope that the ann ouncement. 

the first in French corporate 
history, might unlock similar 
demerger plans from other 
quoted companies. 

The CAC-40 index was lifted 
by strong US institutional 
interest and closed a shade 
under the critical 2,000 level, 
up 22.37 or 1.1 per cent at 
1,996.89. Turnover was strong 
at FFrfibn. 

There was a small cloud over 
Valeo, the automotive parts 
maker, as doubts began to 
emerge that a bid from Gears, 
of Italy, would be forthcoming. 
Valeo's stock softened FFrl 
to FFr278. 

Total receded FFr2 to 
FFr331.90 as the government 
said it would sell a 4 per cent 
stake in the oil group. 

AMSTERDAM produced 
some satisfactory domestic 
company reports as it climbed 
to a record closing high, the 
AES index finishing 5.20 ahead 


at 512.80, after touching 513.69. 

Even Philips could not resist 
the rising trend in spite of an 
early decline following the 
Nokia figures, and dosed with 
a gam of 20 cents at FI 69. 

ABN Amro rose FI 1.10 to 
FI 74.40 ahead of today's 1995 
earnings figures. 

ZURICH too, had the ABB 
results. Brown Boveri rose 
SFi32 to SFrl.475 as the SMI 
i ridgy advanced 50.6 or 1.5 per 
cent to 3,360.5, 

Nestlfi climbed SFrl5 to 
SFrl,3X0 and Ciba SFr24 to 
SFr 1,074. UBS bearers rose 
SFr8 to SFrl,249 as an associ- 
ate said that Mr Stephan 
Schmidheiny saw his large 
purchase of registered shares 
as a long term investment and 
would accept their conversion 
intn bearer shares. 

MILA N nose on Wall Street's 
early advance, a reviving lira 
and the decision of the care- 
taker prime wifaigtar Mr Lam- 
berto Dini to link with the cen- 
tre left, which was seen as 


improving his chances of sec- 
uring a majority in next April’s 
election. 

The Comit index added 9.70 
at 603.23. while the real-time 
kfibtel index picked up 189 or 2 
per cent to 9,681. Banks put in 
a strong showing. Ambrove- 
neto jumped 1220 or 5.2 per 
cent to L4.421 on a sharp 
Increase in the parent compa- 
ny’s 1995 net profits, and Cre- 
dito Italiami rose L52 to LljSM. 

Fiat moved ahead L54 to 
L4.968 as Mr Gianni Agnelli 
bowed out after 30 years as 
chairman. Snia, Elat’s fibres 
and chemicals holding com- 
pany, picked up from a low of 
LL396 to finish L12 higher at 
Ll.443 after the motor group 
denied one rumour that It 
planned to buy all the shares it 
did not already own. 

MADRID’S general index 
finned 4.45 to 345.13 on hopes 
of a dear win for the centre- 
right Popular party In Sun- 
day's general election, and 
interest rate cuts soon after. 

Iberdrola, which announced 
a 24 per cent increase in net 
profits after hours, climbed 
Pta25 to PtaU2Q5. 

OSLO saw Kvaemer B NKrlO 
lower at NKrl83 after the latest 
bout of UK takeover talk. The 
total Index fell 2.66 to 76&30. 

Written and edited by William 
Cochrane, Michael Morgan and 
John Pitt 


Telmex supports Mexico City Wctk bfiiiks leave Nikkei below 20 9 000 level 


The early rally on Wal l Str eet help ed the 
region's markets, with MEXICO CITY rising 
12.65 or 0.5 per cent to 2,926.31 by midsession. In 
early trade there were 31 stocks higher ag ains t 
four lower in volume of 16.8m shares. 

Analysts said the domestic market had been 
assisted by a rising trend for the country's 
ADRs, particularly in companies such as Tel- 
mex and Televisa. 

Telmex ADRs moved between $31% and $32, 
while the local issue was up 0.2 per cent Tele- 
visa's local shares were ahead 1.2 per cent 


SAO PAULO was moderately higher at mid- 
session. although worries were coming to light 
regarding Banco Nacional which failed last 
year. The Bovespa index gained 294.97 at 52,225. 

On Tuesday, a panel of congress said that it 
would summon central bank officials to testify 
on apparent lapses in the supervision of hanks 
following reports that the central bank had 
failed to detect a R$4.6bn loss accumulated by 
Banco Nacional over a 10-year period. Banco 
Nacional. once Brazil's seventh largest private 
bank, is under central bank administration. 


EMERGING MARKETS: IFC WEEKLY INVESTABLE PRICE INDICES 


Market 

No. of 
stocks 

Dollar terms 

Feta. 23 % Change % Change 

1096 over week on Dec '95 

Local currency terms 

Fab, 23 % Change % Change 
1996 over week on Dec '95 

Latin America 

(248) 

510.76 

+02 

+82 




Argentina 

131) 

837.92 

+1.3 

+4.6 

514.103,18 

+14 

+4.6 

Brazil 

(68) 

360-63 

+1.4 

+1B.1 

1,324.76 

+12 

+192 

Chile 

(43) 

711.52 

+12 

-4.9 

1,174.93 

+12 

-3.7 

Colombia’ 

(15) 

608.11 

+O.S 

+1.7 

1,117.70 

+1.6 

+6.5 

Mexico 

(65) 

493.41 

+0.6 

+8.9 

1.598.89 

+0.2 

+82 

Peru* 

(21) 

213.53 

-3.1 

+8.3 

308.52 

-22 

+11. T 

Venezuela 1 

(5) 

381-36 

-4.0 

*14.1 

3.936.83 

-4.5 

+50.9 

Asia 

(631) 

261.79 

-03 

+84 




China* 

(23) 

62.11 

-02 

+14.6 

65.18 

-02 

+14.7 

South Korea* 

(145) 

124.64 

-02 

-1.0 

12726 

-0.2 

-04 

Philippines 

(35) 

289-56 

+0.9 

+11.6 

365.99 

+1.1 

+112 

Taiwan, China" 

(83) 

106.48 

+12 

-s.e 

109.89 

+12 

-42 

India 7 

(76) 

89.65 

+OA 

+11.6 

11542 

-02 

+15.0 

Indonesia* 

(44) 

125.09 

-0.5 

+14.0 

157.15 

+0.0 

+15.3 

Malaysia 

023) 

296.69 

-0.0 

+9.4 

279.63 

+0.0 

+10.0 

Pakistan* 

(25) 

319.13 

+02 

+31.5 

497.D5 

+02 

+318 

Sri Lanka" 

(5) 

116.45 

+12 

+11.9 

135.53 

+12 

+12.1 

Thailand 

(72) 

392.04 

-3.5 

+4.3 

39236 

-3.6 

+44 

Eura/MM East 

(238) 

151.93 

-12 

+72 




Greece 

(47) 

257,18 

+0.4 

+6.5 

418.18 

-0.4 

+6.1 

Hungary” 

(B) 

140,41 

+7.8 

+42.7 

23820 

+7.6 

+472 

Jordan 

(B) 

18328 

+0.0 

-0.8 

27322 

+0.0 

-0.8 

Poland" 

(22) 

55428 

-2.8 

+30.0 

888.90 

-2.4 

+34.3 

Portugal 

(26) 

128.43 

+1.3 

+10.9 

133.15 

+02 

+12.0 

South Africa 0 

(63) 

263.91 

-2.7 

+2.3 

210.07 

-02 

+8.1 

Turkey’* 

(54) 

141.57 

-0.7 

+35.5 

4,381.95 

+0.0 

+46.6 

Zimbabwe 13 

(5) 

354.01 

+3.9 

+28-9 

492.78 

+4.0 

+30.7 

Composite 

0117) 

29721 

-02 

+8.0 





isas-ioo erespr than maid 

wfKd! aw pf=Bb 1 i391;p>0*: 31 199Z 5 TS» MOsc JT 1332 PUan 3 1332: «SU on4 18BI; (TJNatr 6 1BS2; (BJSap 28 1990; fflMsr 1 1301; pa 

ok si Tflfla r/fX»K sx issa ceciK si rasa r»a ok si iase no** 2 ik* ns»juy 2 ran. 

The strong performance in the world's emerging markets since the beginning of the 
year has been driven by liquidity, but rising bona yields in the US recently have caused 
a slight break in the forward momentum, writes John Pitt. Bear Stearns observes that 
funds flowed into the Latin American region in particular during January, before a 
partial reve rsal o f the flow happened earlier this month. It is still very much an 
uncertain picture, and Bear Stearns warns that a sustained fall in US equities - if 
caused by worries about recession - “would prompt US investors to bring money back 
from overseas and into safe havens at home, such as Treasury bonds; emerging market 
equities would suffer badly under this scenario”. 

There is also a worry about the US presidential election after Mr Pat Buchanan won last 
week's New Hampshire primary. Latinvest says that there is some consolation in the 
fact that Mr Buchanan is unlikely to be nominated; bat “spouting hostility both to free 
trade and to Wall Stree t's n arrow pursuit of profit, he constitutes a possibly significant 
threat to portfolio investment in developing countries in general, and (because of its 
proximity) to Latin America in particular”. 

Meanwhile, Salomon Brothers has increased its already overweight allocation to Argen- 
tina, up to 19 per cent from 14jper cent, based on “expected economic growth, a reduced 
risk premium and positive political events”. As a consequence, its exposure to Chile 
been reduced from an overweight 12 per cent to a market weight of 10 per cent 


Tokyo 


A sharp fall in Hanks depressed 
equities, and the Nikkei 225 
average finished below 20,000 
for the first time since Decem- 
ber 29, writes Emiko Terazono 
in Tokyo. 

The index lost 80.43 at 
19.919.97 after moving between 
19.878.91 and 20,211.38. Share 
prices were lifted earlier in the 
day by new stock investment 
trust funds set up by Nomura 
Securities. 

Traders said Nikko Securi- 
ties also placed buy orders for 
its newly established trust 
fund. However, late afternoon 
selling, led by profit-taking in 
banks and large-capital blue 
chips, tipped equities into 
decline. 

Volume amounted to 320m 
shares, against 363m. The 
Topix index of all first section 
stocks fell 6.15 to 1.547.22 and 
the Nikkei 300 retreated 1.44 to 
288.36. Declines outscored 
advances by 530 to 472. 

In London the ISE/Nikkei 50 
index gained 3.06 at 1.347.47. 

Uncertainty over the govern- 
ment's bailout plans for the 
jusen, or housing loans 
scheme, weighed on the hank- 
ing sector. The collapse of 
Equion, a large non-bank 
financial institution with debts 
of Y310.6un, also unnerved 
investors. Non-bank finanrjal . 
institutions lent heavily tefcn e 
companies which, in addition, 
borrowed from the jusen. The 
liquidity problems of these bor- 
rowers, due to the jusen deba- 
cle, had started to affect toe 
non- b anks . 

The non-banks bad also bor- 
rowed heavily from banks and 
analysts feared that Equion's 
collapse could signal toe begin- 
ning of a new spate of bank- 
ruptcies. 'Investors who have 
been worried about the jusen 
have started to worry about 
other bankruptcies which will 
hurt the banks," said Mr Brian 
Waterhouse at James Capel. 

Industrial Bank of Japan slid 
Y80 to Y2.640 and Dai-Ichi Kan- 
gyo Bank, a creditor of Equion, 
shed Y50 to Yl.890. 

Green Cross, toe blood prod- 
ucts maker embroiled in toe 


FT/S&P ACTUARIES WORLD INDICES 2 


The FT/SSF* Actuaries Wwtt Micas are owned by FT-SE international Limited. Goldman. Sachs & Co. and Standard & Poofs. The Wxflcwj are comnferi hv ft , 

Goldman Sadia In conjunction with the Faculty of Actuaries and the Institute of Actuaries. NatWear Securities Ltd. was a co-fciundertf the* JnSiseL ** WarnotIQr *^ a 
N,nMui mn 


NATIONAL AND 
REGIONAL MAMETS 


TUESDAY FEBRUARY 27 lees 


Rpme In petenlh— 
show number of kies 
of stook 

us 

OoBar 

Indooc 

Do/a 

Change 

% 

Pound 

Stertng 

Index 

Yen 

index 

DM 

index 

Lot* 

Cunency 

index 

Local 
« eng 
on day 


196.62 

- 0.1 

18942 

12928 

125.07 

148.50 

14321 

90 

fl A 

Austria (26) ... — 

185.34 

-04 

18241 


"U" 

no 

Qjklnkm PM) .mmr.rw-n.-- 

211.32 

- 0.1 

20428 

139.92 

108.81 

15928 

121.90 

Iri^lK) 

icd rw 

u-u 

n 1 

fta?l ■. — 

18139 

-12 

16548 


u-j 

7 

1 “» 

nftri 

1SUS 

ai 

14824 

102.06 

116.69 

230.01 

14029 

14224 

13041 

«9Q AD 

*0**4 J 

1 C*|T 1 

“ 1 ** 
_f| 1 

□enrak (33) — 30433 

Finland £4) —.18854 

-02 

04 

a4 

-04 

29326 

179.71 

182.32 

1B624 

201.17 

12023 

125.02 

1144)6 

'IRQ TIT 

4 1 

232.65 

17842 

■V- 1 

0 2 
0.8 

prance 

17227 

148.15 
van ill 

08 
n n 


__+36LE0 

- 0.1 

42022 

24926 


u.u 

n 1 


___269J56 

- 0.1 

171.33 

4043 

Ofio-OO 

19529 

5622 

WI4S 

— 0,1 
n 1 


74.83 

14 

72.09 

DO ITT 

u. 1 

fl B 

Idnnri 

14928 

-12 

144.18 

9826 

11324 

no aft 

U.o 


519.71 

- 1.1 

50028 

34321 

74507 

3MJS3 

tJC-OV 

enq Ac 

n 

Mexico P 8 ) 

1132.43 

- 0.0 

1090.66 

85521 

9335.56 

■UJ 

-02 

Netheriand (19) 

>■-- 7n4and hS$. aiN - n — 

^-27820 
81 JS 

-02 

- 0.1 

208.98 

7B37 

18444 

53.74 

15823 

21028 

6144 

20722 

B4 19 

- 0.1 

54 

-0.4 

Norway (33) 

23926 

-0.7 

231.19 

433.17 
382 48 

1 B 12 B 

20554 

ShgaporeM 

.448.63 
297.08 

-13 

-14 

207 JE 
26227 

339.60 

29927 

291.81 

Ml RB 

- 1.0 


174.88 

-01 

168J20 

11528 

225.53 

13124 

SH7DC 

VK) I iDO 

1 A 1 Qi 

-14 

03 

Opfljn l«w#"— 

341.41 

1.6 

328.80 

fol.w 

Sweden 

iwvA 

,15 

- 0.1 

222.69 

182.70 

11923 



03 

Swttzanano >■■•«■»« 

on 

^-18129 

-07 

174.75 

1 f **■>-< 

13720 

17420 

109.72 

769.53 

177 

0 A 
- 0.8 
0.3 
-05 

Untied Khfldom <20$ 23124 

02 

-05 

22258 

254.73 

152.82 

17428 

1 1 i JB 1 

22328 

264,43 

America jl/ffi — — — 

24120 

205.S4 

-02 

01 

232.37 

19001 

15923 

13578 

182.18 

1 EC!U 

203.78 

•OjS 

Nordic (137) — 

29421 

02 

283.73 

19425 

■Km 

22244 

178.01 

35222 

a 3 
OJS 

Paafc Baste (KC). 

&/o-Pacffie{l362) 

.16326 

isaea 

-12 

- 0.8 

-05 

0.1 

157.09 

174JJ4 

24021 

17925 

107.71 

110.34 

133.18 

138.45 

11026 

13580 

- 1.1 

-04 

North America (733— — 
■r" ' a, mesas 

. ,257.65 
^.186.79 

17020 

193.3A 

19420 

257.03 

-OJ 

Europe Bt uk " 

Suite E* JspwP?*— 

28649 

mn 

-04 

-02 

27529 

17544 

ICinMa 

18925 
15 ft VI 

14129 

21828 

149.98 

250.90 

0.3 

-05 

World US 

World 8 K-UK 

WnridBL Japan (1803U 

„_ 20 S 21 

■„...239.37 

20722 

1 ■ ■ -- — 1 n>M 

-06 

-02 

-02 

10729 
230 BO 

10932 

■CUdNI 

135.58 

158.13 

137.08 

13725 

15429 

180.79 

1S6.74 

13927 

171.04 

22421 

17572 

-04 

-03 

-02 

-03 


Gross 

Oh#. 

YieW 


MONDAY FSRUARY 2B IBM DOLLAR INDEX — 

US P«AJd Ltvrai Year 

Dotor Staring Yen DM Currency 52 week 52 week ago 

Index Index Index Index Index High Low (appro 


3.90 

iao 

3.38 
1.58 

2M 

1.62 

1.84 

3.13 

1.87 

3.27 

3- 43 

1.74 

0.77 

1.65 

1^49 

3.31 

4- 55 
2.24 

1.38 
3.11 
3.71 
2.18 
158 
1.86 
4X8 

2.19 


196.74 

189.42 

129.68 

148.02 

172.92 

20032 

158.79 

162.70 

19506 

18209 

12537 

142.99 

142.85 

19938 

168.11 

182.83 

21108 

204.09 

139.72 

158.48 

155.59 

21501 

17208 

174.02 

16433 

15831 

10831 

123.83 

29737 

17035 

06.06 

12601 

154.34 

148.60 

101.73 

11511 

15307 

158.71 

125.64 

12609 

3K.17 

293.82 

201.14 

229.59 

23231 

305.17 

25241 

260.68 

185.75 

17834 

122.43 

139.75 

17540 

278.11 

171.13 

183.99 

18849 

18147 

12423 

14100 

14734 

191.17 

16103 

18401 

17333 

16638 

11434 

13040 

130.40 

1733S 

14235 

13043 

437.07 

42030 

28507 

32832 

433.97 

451.19 

32307 

331.19 

259.66 

25500 

171.14 

19535 

23021 

262.70 

20544 

216.73 

7333 

71.08 

4838 

5554 

85.88 

82.71 

6545 

7104 

15101 

14635 

10512 

11438 

100.12 

18402 

13605 

136.65 

52557 

506.01 

34640 

395.40 

51428 

561.96 

455.77 

47159 

1132.48 

109034 

74642 

85230 

035430 

1237.14 

647.81 

75204 

280.55 

270.11 

18401 

21136 

20732 

28333 

22509 

227.11 

8141 

7838 

5338 

6135 

6308 

8549 

7239 

7331 

241.56 

232.59 

15922 

181.75 

20737 

243.79 

202.76 

3)9.36 

45408 

438.03 

29936 

34238 

294.78 

48531 

346.10 

347.43 

402.89 

387.70 

20941 

30205 

33833 

437.7B 

30301 

303.31 

17437 

16838 

11526 

13136 

16106 

17500 

124.10 

13139 

33508 

32348 

22145 

252.77 

33401 

34141 

23233 

240.88 

23142 

22230 

15233 

174.10 

18806 

23905 

171.94 

172.71 

18257 

17577 

12033 

13736 

17828 

103.95 

130.15 

145/45 

23049 

22101 

15102 

17340 

22101 

23500 

192.74 

193^8 

26570 

25532 

175.13 

19900 

265.70 

280.11 

19730 

198.13 


2.18 

24233 

23332 

159.72 

18231 

203.75 

245.54 

180.00 


3.02 

20522 

19708 

13528 

15439 

175.42 

20835 

169.63 


2.05 

29100 

28103 

192.39 

219.80 

251.18 

295.02 

22232 


120 

185.18 

159.02 

108.86 

12428 

11230 

17107 

145.% 


zoe 

181.75 

174.99 

119.79 

136.73 

136.18 

163.38 

15607 


230 

25804 

24920 

170.60 

194,73 

258 23 

28£26 

192.77 



186.59 

17905 

122.06 

14038 

149.16 

18737 

152.32 


203 

287.71 

2770Q 

18903 

218.45 

252.03 

292.69 

22905 


2-09 

18322 

17640 

120.78 

137.84 

14049 

184.71 

156.72 


104 

20800 

198.82 

138.11 

15520 

171.98 

207.64 

18802 


233 

24003 

231.10 

15820 

180.58 

22531 

242.17 



2.13 

20807 

2t».90 

13703 

15608 

17803 

209.73 

16030 

10900 


UM (*■ 


HIV scandal plunged Y77 to 
Y55G. The company admitted 
that it had falsified distribu- 
tion reports submitted to the 
ministry, and could face severe 
administrative punishment. 

Speculative stocks were once 
again back in favour with indi- 
vidual investors. Shinko Elec- 
tric, the most active issue of 
toe day. climb ed Y32 to Y718 
and Daido Steel Sheet jumped 
Y170 to Y2.450. 

In Osaka, toe OSE average 
Slipped 63.84 to 21,569.94 to vol- 
ume of 137.7m shares. 


Roundup 


Rumours that the securities 
watchdog has begun investiga- 
ting suspected cases of price 
manipulation soured toe mood 


in SEOUL. However, officials at 
the Securities Supervisory 
Board declined to comment, 
and toe composite index ended 
4.66 lower at 855.21. 

Blue chips closed mixed. 
Samsung Electronics gained 
WonLOOQ at Wonl 30,000, while 
Korea Electric Power lost 
Won300 at Won28^00. 

HONG KONG finish mod- 
erately firmer in trade nar- 
rowed by February index 
futures expiry. The Hang Seng 
index was up 67.63 at 11,264.65, 
after an early 11.288.09, in turn- 
over that dipped to HK$4£bn. 

Analysts noted that trade 
remained subdued although 
buying interest had improved 
after encouraging results from 
HSBC and Hang Seng Bank, 
which added HKSl at 


HKS125.50 and HKJ2.50 at 
HKS77.25 resp ectively. 

KARACHI seemed more 
interested in World Cup cricket 
thaw to equities. S mall inves- 
tors sold, there was no institu- 
tional buying or genuine 
investment support, and the 
KSE iqq index dropped 31.25 or 
L8 per cent to 1.71 8.9a 

SINGAPORE remained 
focused on second line stocks 
in light afternoon trading as 
Mr Richard Hu, the finance 
minister, began delivering his 
annual budget statement. The 
Straits Times Industrial index 
eased 6.98 to 2,438.59. 

CAM Mechatronic was again 
actively traded after Uraco 
bought into the company. The 
shares gave up 2 cents of 
recent gains to end at 90 cents. 


KUALA LUMPUR was mixed 
with second liners attracting 
buyers and blue chips out of 
favour. The composite index 
lost 0.37 at 1,076*95 but the sec- 
ond board index jumped 14.33 
or 3.8 p e r cent to 393L47. 

TAIPEI could make no prog- 
ress in spite of buying by the 
government-promoted fund, as 
fears over a planned Chinese 
military exercise, ahead of the 
island's presidential elections 
on March 23, remained an inhi- 
bition. The weighted index 
dipped 18.45 to 4,751.19 to slow 
trade of T$12^3ha 

BANGKOK’S SET index soft- 
ened 1L99 to L321A7 in slim 
turnover of Bt4.3bn as many 
investors stayed away, unwill- 
ing to commit themselves 
before a four-day holiday. 



There are more than 45 inves table markets around the world- The last 
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the true investment picture. 

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global investing for over 25 years. 

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(MSCI) family of developed and emerging markets indices, call 44-171-513-6660. Or visit our 
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S *«w Tokjn lam, Zatt
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